More Than Half of U.S. Adults Don't Have a Will
More than half of American adults, 6 in 10, don’t have a will, finds a Caring.com study.
According to the survey, only 42 percent of U.S. adults have estate planning documents. Most of the respondents say the reason for the lack of a will is they just haven’t gotten around to it. As expected, older Americans are the most likely age group to have a will or living trust. 81 percent of those 72 years of age or older have one. Younger generations are much more likely to not have a will. 78 percent of millennials and 64 percent of Gen Xers don’t have one. 40 percent of those 53 to 71 years of age don’t have a estate plan.
Experts say younger people don’t think something will happen to them and neglect to think about the importance of a will, while older people sometimes want to avoid the uncomfortable subject. But, estate planning professionals say it’s important to have a will in place no matter your age or assets because it will give you and your loved ones peace of mind.