Do most people have a will?

On Behalf of | Dec 7, 2018 | Estate Planning, Firm News |

It seems fairly clear to you that you’re going to need a will eventually. It’s inevitable. The same is true for everyone you know.

That leads you to believe that most people must have planned for that inevitability. They must have wills and estate plans, right?

Think again. A study from 2017 found that the over half of all people in the United States who are legal adults — over 18 years old — do not have a will at all. The majority of adults have made no plans for the end of their lives and no plans to pass assets on.

Now, one could argue that the cutoff in age is somewhat responsible for that percentage. Looking at adults does make sense, but there are legal adults in high school or in their freshman year of college. Technically, they may need wills and they may have assets, but it is not as surprising that they have done no planning.

That said, the study found that even those who need it most — people with families — haven’t made estate plans. Parents who had kids who were still minors reported that they had not made a will or an estate plan in a stunning 64 percent of cases.

One of the biggest reasons people gave was that they simply had not gotten around to writing the will yet, even though they planned to do it eventually. This is a huge risk. It’s important to look into all of your estate planning options, regardless of your age, to make sure you are ready when your family depends on that plan.