Most people know the importance of a will, but less than a third actually have one

Most Americans say they understand the value of a last will and testament and the estate planning process, but far fewer take steps to determine what will happen to their assets after death.

Experts recommend that everyone, regardless of their net worth, work with a professional to develop an estate plan to eliminate confusion and prevent disputes over who gets assets. Investing legend Warren Buffett recommends sharing your will with others before finalizing it to explain your decisions and allow for feedback from children or other beneficiaries.

Many people unconsciously say that they have other priorities

In a Caring.com poll of about 2,500 Americans, less than a quarter said they had a will, compared to 33% in 2022. More than 10% reported having a will, but more than half said they had completed estate planning.

More than 30% of those who created estate plans said they did so because they were retired or had reached a certain age. Other major causes include experiencing a family event such as the death of a loved one, marriage, or the birth of a child.

Among those who did not turn to estate planning, the most common reason was that it simply was not a priority. Meanwhile, about a third said they did not feel they had enough assets to leave to someone through a will. Those without a will said that a sudden medical diagnosis or worry would be the life event most likely to lead them to make a will.

Why do so many Americans delay making a will?

A survey of 10,000 American adults conducted by the estate planning firm Trust & Will found that more than 80% recognize the importance of estate planning, yet only 31% have a will. The main reasons for not having such wealth were “procrastination and misconceptions about wealth,” with about 19% of Americans saying they did not expect to have assets worth inheriting when they died.

Nearly half of the group surveyed said they were more concerned about their financial future than they were a year ago, and 78% said inflation had made financial goals like retirement and homeownership more difficult, slowing the steps that often prompt people to begin the estate planning process.

The survey also found new trends in estate planning, including more people setting 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 they trust advice from human legal professionals.

Bottom line

Estate planning is evolving to include pets, non-family executors, and even artificial intelligence advice. But many people skip writing a will because they put it off or think they don’t have enough assets to bother. Experts say you should start early to help avoid confusion and protect your loved ones.