Almost Half of All Americans Do Not Think a Will Is Necessary
Despite recognizing the importance of estate planning, many Americans lack a basic Last Will and Testament. The 2024 Caring.com Wills Survey, conducted with 2,481 adults, reveals that 40 percent of respondents feel they don’t have enough assets to justify creating a Will. This survey highlights why this perception exists and underscores the need for a Will regardless of estate size. The Indianapolis attorneys at Frank & Kraft discuss the results of the survey and explain why a Will is necessary for every adult.
The 2024 Wills Survey
Since 2015, Caring.com has surveyed American adults annually to understand their estate planning practices. The 2024 survey, conducted online by YouGov between December 3rd and 4th, 2023, shows a decline in estate planning rates for the first time since 2020. Only 32 percent of Americans have an estate plan in 2024, down from 38 percent in 2023. Among lower-income Americans, estate planning rates fell by 16 percent. Young adults aged 18-34 are the only group that have not experienced this decline since 2020.
Why Don’t People Have a Will?
Although 64 percent of Americans believe having a Will is important, only 32 percent have one. The primary reason, cited by 40 percent of respondents, is the perceived lack of sufficient assets. This reflects a 14 percent increase from the previous year. Notably, 35 percent of those without a Will due to insufficient assets are parents of children under 18.
The disconnect between belief and action in estate planning is evident. While 36 percent believe you should have a Will by age 35, fewer than 25 percent actually do. Moreover, one in four Americans without a Will have no intention of creating one. Others delay until a health crisis, death of a spouse, family expansion, or retirement.
Who Is Likely to Have a Will?
There is some positive news: estate planning rates have increased among young adults (18-34) and Black Americans. While the number of White Americans with a Will decreased by 3 percent since 2020, it increased by 19 percent among Black Americans. Higher-earning and more educated individuals are more likely to have an estate plan. Nearly one-third of Americans earning over $80,000 a year created a Will due to family expansion, compared to just 10 percent of those earning $40,000 or less.
More than half of Americans with a post-graduate degree have a Will, whereas only 23 percent of those with a high school education or less do. The education gap in estate planning rates has widened significantly, from 41 percent in 2021 to 81 percent in 2024.
Why Is Having a Will Necessary?
A common misconception is that valuable assets are needed to justify a Will. Every adult, however, can benefit from having a Will for several reasons:
- Asset Distribution: Even assets with sentimental value should be allocated according to your wishes. A Will ensures these items go to the right people.
- Choosing a Guardian for Your Children: If you have minor children, a Will allows you to designate a trusted guardian to care for them in the event of your death.
- Avoiding Family Disputes: A clear, legally binding Will can prevent conflicts among family members over asset distribution, ensuring a smoother transition.
- Appointing an Executor: You can appoint someone you trust to oversee the administration of your estate, ensuring your affairs are handled according to your wishes.
- Peace of Mind: Knowing that your affairs are in order and your loved ones are cared for according to your wishes brings relief and confidence in facing the future.
Creating a Will is not just for the wealthy. It is a necessary step in ensuring that your assets, however modest, are distributed according to your wishes and that your loved ones are protected.
Are You Ready to Get Started Creating Your Will?
For more information, please join us for an upcoming FREE seminar. If you are ready to get started creating your Will in Indiana, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.Read More! Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
