Prepared for Mike B. | Delivered February 21, 2020
Wills & Trust Market - U.S.
To identify the market size and need for Wills & Trusts in the United States. Specifically, to provide the following data points:
Annual market for Wills/Trusts in US is XXM people.
Average price for a Will/Trust paid is $XX.
Future market growth is predicted to be Y over Z time.
Main competitors in this space are ABC with CDE market share.
Market Size (Number of People)
According to a survey of 2,400 American adults,
% of respondents said they "
have a will
or some other type of estate planning document", a decrease of
% since 2017. Among respondents who had they have such a document,
% said they have a will and
% said they have a living trust.
As of 2018, the U.S. Census Bureau estimates that there are
Americans over the age of 18.
Based on the above data points, this means that about 75,265,700 American adults have some sort of estate planning document, about 56,214,070 have a will, and about 30,576,690 have a trust (or, 32%, 23.9% and 13% of 235,205,315 respectively).
According to TechCrunch, the estate planning market in the U.S. is valued at $
Average Price for a Will/Trust
According to LegalZoom, the cost of a will 'package' (i.e. where an attorney will meet with an individual and draws up their will) typically ranges from $
dollars, with an average price of $
. The cost could be
if there are complications with this process wherein the attorney needs to bill for additional hours of work.
If the individual is seeking more than just a will, such as other types of estate planning documents as well, the price can range from $
(for single individuals) to $
(for married individuals seeking joint documents).
Individuals also have the option to buy a
to create their own documents. This method can cost anywhere from $
. If the individual wants to have an attorney review their self-made documents, they have the option to hire an attorney at their hourly rate, which can range from $
per hour. An attorney would usually require
at least an hour
to properly review the documents, with additional time needed for more complex situations.
Future Market Growth
Between 2015 and 2020, the U.S. trusts and estates industry grew at a rate of
% annually. IBISWorld notes that "the growing number of wealthy households is
to boost industry assets."
A 2018 report from the U.K. (not the U.S. but may still be insightful comparatively) found that the wills, probate and trust market "is
expected to see
slow but steady growth in the future, supported by a rising number of deaths each year and the continuing aging of the UK population. Services such as a lasting power of attorney (LPA), living wills, and care plan advice are likely to see growth."
Main Competitors and Market Shares
According to IBISWorld, there are "
with major market shares" in the U.S. trusts and estates industry.
Estate planning falls under NAICS code
— Trusts, Estates and Agency Accounts. According to ClassCodes, "
comprises legal entities, trusts, estates, or agency accounts, administered on behalf of the beneficiaries under the terms of a trust agreement, will, or agency agreement."
According to the NAICS Association, the
based on annual sales under NAICS code 525920 are as follows: Alaska Permanent Fund Corp, Wynnchurch Capital, Wea Insurance Corporation, Moelist & Company, Boston Foundation, Marshall Ilsley, Charles and Lynn Schusterman, Lime Rock Partners, and Summer St. Capital Partners.
Alaska Permanent Fund Corp: $
Wynnchurch Capital: $
Wea Insurance Corporation: $
Moelist & Company: $
Boston Foundation: $
Marshall Ilsley: $
Charles and Lynn Schusterman: $
Lime Rock Partners: $
Summer St. Capital Partners: $
Using the estate planning market size from above ($180 billion), we were able to calculate market share percentages using the sales figures above. The companies above the following market shares respectively: 7.02% (Alaska), 1.03% (Wynnchurch), 0.873% (Wea), 0.265% (Moelist), 0.23% (Boston), 0.185% (Marshall), 0.176% (Charles), 0.115% (Lime), and 0.097% (Summer).
Results of Early Findings
During this initial research, we were able to find or triangulate data that addresses each of your core areas of interest. The only exception is that of the future growth of the market, for which information appears to be more elusive. However, it is possible that our team could continue researching this topic to potentially uncover any other hidden insights, or attempt to triangulate existing data to come up with an estimate. We may or may not be able to do this successfully depending on what other types of information we can uncover during the continued research.
Your research manager recommends working with a
A Generalist is Industry Agnostic and give you the best value.
1412 assignments | 5.0