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Key Takeaways
- Most Americans say estate planning matters, but fewer than one in three have a will.
- Two recent surveys found the main reasons for not having one include procrastination and the belief that their assets aren’t worth the effort.
- A Trust & Will survey found shifting priorities, with more people including plans for pets and naming friends or professionals instead of family as executors.
Most Americans say they understand the value of a last will and testament and the estate planning process, but far fewer take steps to decide what will happen to their assets after death.
Experts recommend that everyone, regardless of net worth, work with a professional to make an estate plan to eliminate confusion and prevent conflicts around who gets what assets. Investing legend Warren Buffett even recommends sharing your will with others before it’s finalized to explain your decisions and allow for feedback from children or other beneficiaries.
Many Without a Will Say They Have Other Priorities
In a Caring.com survey of about 2,500 Americans, fewer than a quarter said they have a will, down from 33% in 2022. More than 10% reported having a living trust, but more than half said they had completed their estate planning.
More than 30% of those who’ve made estate plans said they did so because they had retired or reached a certain age. Other top reasons included experiencing a family event like the death of a loved one, marriage, or the birth of a child.
Among those who haven’t gotten around to estate planning, the most common reason given was that it simply wasn’t a priority. Meanwhile, about a third said they don’t feel they have enough assets to leave to someone through a will. Those without a will said a sudden medical diagnosis or concern would be the life event most likely to lead them to make a will.
Why Many Americans Delay Making a Will
A survey of 10,000 U.S. adults by estate planning firm Trust & Will found that more than 80% recognize the importance of estate planning, yet only 31% have a will. The top reasons for not having one were “procrastination and misconceptions about wealth,” with about 19% of Americans saying they don’t expect to have assets worth passing on when they die.
Almost half of the surveyed group said they are more concerned about their financial future than they were a year ago, and 78% said inflation has made financial goals like retirement and homeownership more difficult, slowing steps that often lead people to begin the estate planning process.
The survey also found new trends in estate planning, including more people outlining care instructions for their pets and younger respondents more often choosing friends or professionals—rather than relatives—as executors or guardians. Technology also plays a role, with 54% saying they trust estate planning advice from AI as much as or more than advice from human legal professionals.
The Bottom Line
Estate planning is evolving to include pets, nonfamily executors, and even AI advice. But many skip making a will because they put it off or think they don’t own enough assets to bother. Experts say you should start early to help avoid confusion and protect your loved ones.
