Do You Have a Will? Why It Matters More Than You Think

When it comes to financial planning, most people focus on saving, investing, and growing their wealth. But one of the most important pieces of the puzzle is often overlooked: having a will. The reality is, the majority of Americans do not have one—and that can create serious complications for their families.

The Current Reality

Recent data shows that only about 24–31% of Americans have a will in place, meaning nearly three out of four people do not. Even more concerning, over half of Americans have no estate planning documents whatsoever. That means most families are left navigating difficult decisions without clear direction—often during an already emotional time.

A will typically covers individually owned assets such as real estate, personal property, bank and brokerage accounts without designated beneficiaries, business interests, and any other assets that do not pass directly by beneficiary designation or joint ownership.

Why Having a Will Is So Important

1. You Decide What Happens to Your Assets

A will ensures your assets are distributed according to your wishes. Without one, your estate is handled based on state law. This process—known as intestate succession—follows a fixed formula that may not reflect your intentions.

• You lose control over who receives what, and how.

2. You Protect Your Family

If you have children, a will allows you to name a legal guardian. Without this designation, the court will decide who takes on that role. While the court’s goal is to act in the best interest of the child, it may not align with your preferences.

• This is one of the most critical reasons to have a will in place.

3. You Simplify the Process for Your Loved Ones

A will helps:

• Reduce confusion

• Minimize potential family disputes

• Streamline the estate administration process

Without clear instructions, families often face delays, additional legal costs, and unnecessary stress during an already difficult time.

How Easy Is It to Create a Will?

One of the biggest misconceptions is that creating a will is complicated or expensive. In reality, it is relatively simple.

There are two common approaches:

• Online platforms:

  These allow you to create a basic will in as little as 20–30 minutes, often at little to no cost.

• Working with an attorney:

  Typically ranges from $300 to $1,000, depending on complexity, and provides a more customized and comprehensive approach.

For most people, the barrier isn’t cost or complexity—it’s simply putting it off.

The Bottom Line

Creating a will is not about how much wealth you have. It is about making sure your wishes are clearly defined and your family is protected. Without a will, those decisions are left up to the courts. With a will, you remain in control.