Why Most High-Net-Worth Estate Plans Need Updating
Written By: Chris Bendtsen
Research Findings
Long Angle's 2026 High-Net-Worth Asset Allocation Report surveyed 233 members with an average net worth of $17M. Estate planning wasn't the report's central focus, but the findings surface a distinction most general-population estate planning research doesn't draw: having a plan and maintaining one are different problems.
Key Takeaways
82% of high-net-worth investors have some form of estate plan: 58% have a basic plan (will, medical directive, revocable trust) and 24% have an advanced structure such as an irrevocable trust.
Among those with a plan, 42% are not currently updating it, and another 31% say they know an update is overdue but haven't acted, leaving only about 28% actively updating their documents.
High-net-worth investors are far more likely to have a plan than the general U.S. population. Trust & Will's 2026 State of Estate Planning Report, based on 5,000 U.S. adults, found 56% have no estate plan at all, more than triple Long Angle's 18%.
Vanilla's net-worth-segmented research shows a similar pattern at the very top of the wealth spectrum: 16% of households with more than $25M in net worth have no estate plan, will, or trust, comparable to Long Angle's 18%.
"Advanced" describes the type of structure in place, not a formal sophistication grade, and the not-updating figures are self-reported.
2026 High-Net-Worth Asset Allocation Report
See how high-net-worth investors with an average net worth of $17M are allocating across public equities, private markets, real estate, bonds and cash. Based on benchmark data from 230+ respondents.
Most have a plan. Few have an advanced one.
| Estate plan status | Share of respondents |
|---|---|
| Basic (will, medical directive, revocable trust) | 58% |
| Advanced (irrevocable trust and similar structures) | 24% |
| None | 18% |
Source: Long Angle 2026 High-Net-Worth Asset Allocation Report, 233 respondents, average net worth $17M, fielded December 2025-January 2026.
A basic plan, typically a will, a medical directive, and a revocable trust, is the norm at this wealth level. Advanced structures like irrevocable trusts, which offer stronger creditor protection and can reduce future estate tax exposure, are held by fewer than one in four respondents.
The real gap is maintenance, not existence
| Status among those with a plan | Share |
|---|---|
| Currently updating documents | 28% |
| Not updating | 42% |
| Not updating, but know an update is needed | 31% |
Source: Long Angle 2026 High-Net-Worth Asset Allocation Report. Figures are among respondents who already have an estate plan and total slightly over 100% due to rounding.
Nearly three-quarters of high-net-worth investors with an estate plan are not currently revisiting it. Close to a third openly acknowledge the plan is out of date. Estate plans are typically built to reflect a specific moment: a net worth level, a family structure, a tax and legal environment. Life events like marriage, divorce, or the birth of a child, along with major shifts in net worth, property, or the tax code, are the standard triggers for a review. The share of respondents who know an update is overdue but haven't acted suggests awareness isn't the barrier. Something else, likely inertia, cost, or simply not knowing where to start, is.
How this compares to the general population
Long Angle's high-net-worth membership is far more likely to have some form of estate plan than U.S. adults broadly. Trust & Will's 2026 State of Estate Planning Report, based on a survey of 5,000 U.S. adults fielded in January and February 2026, found 56% have no estate planning documents of any kind, more than triple Long Angle's 18%. Vanilla's estate planning research, which segments by household net worth, found 16% of households with more than $25M in net worth have no estate plan, will, or trust, a figure close to Long Angle's own 18%, and also found that 90% of households at that wealth level have consulted an estate planner or attorney.
Existence of a plan, in other words, tracks net worth closely, and both the general-population and net-worth-segmented research agree on that point. Neither of those studies measures whether an existing plan is being kept current, which is the gap Long Angle's data adds to the picture.
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About this data
This finding is drawn from Long Angle's 2026 High-Net-Worth Asset Allocation Report, the fifth annual edition of the study. The report surveyed 233 Long Angle members with an average net worth of $17M (range: $2M to over $100M), fielded between December 2025 and January 2026. "Advanced" describes structure type (irrevocable trusts and similar vehicles), not a formal legal-sophistication grade, and the maintenance-status figures are self-reported. Respondents are Long Angle members; 71% self-identify as having high investment expertise.
See the full 2026 High-Net-Worth Asset Allocation Report for the complete dataset.
Frequently Asked Questions
What percentage of high-net-worth individuals have an estate plan?
82% of high-net-worth investors have some form of estate plan, according to Long Angle's 2026 report of 233 respondents: 58% have a basic plan and 24% have an advanced structure such as an irrevocable trust. 18% have none.
Do high-net-worth investors keep their estate plans updated?
Not consistently. Among those with a plan, 42% are not currently updating it and another 31% say they know an update is overdue but haven't acted, leaving only about 28% actively updating their documents.
How does high-net-worth estate planning compare to the general population?
High-net-worth investors are far more likely to have a plan. Trust & Will's 2026 survey of 5,000 U.S. adults found 56% have no estate plan at all, more than triple the 18% found among Long Angle's high-net-worth membership.
What triggers an estate plan update?
Life events such as marriage, divorce, or the birth of a child, along with significant tax or legal changes or major shifts in net worth and property, are the standard triggers for a review. This describes when a review is typically warranted; it is not a substitute for advice from a qualified estate attorney about an individual situation.
Know your estate plan needs an update but haven't gotten to it?
Long Angle members regularly compare notes on exactly this, from what triggered the review to which attorney they used.
