Most Americans Lack the Will

A last will and testament is an important part of estate planning, yet most Americans procrastinate making one.

More than half of American adults – 55 percent – have not written a will even though they will have little control over what happens to their wealth or minor children when they die, according to a December survey by the consumer website FindLaw.com.

As people get older they are more likely to have a will and more than half the Americans over 55 have one. Only one in six Americans between the ages of 18 and 24 has a will.

“The survey found that people who are older, married and have higher incomes are more likely to have a will,” said Stephanie Rahlfs, an attorney and editor for FindLaw.com. “But one doesn’t necessarily need to have substantial assets or a family in order to need a will.”

Wills are not just for the rich. The document serves anyone who wants to decide who will take care of their minor children, and who will receive their property and financial assets when they die. Without a will, these issues are settled in probate court where the process can be costly and divisive for surviving family members.

“A will is a must for anyone with children,” said Catherine McBreen, an attorney and managing director for Spectrem Group. “A will gives parents the power to control who will serve as guardian for their children. The document also lets parents designate what assets will go to particular children and other beneficiaries. Wills are most powerful when they work hand-in-hand with trusts.”

Unwillingness to face mortality is a big barrier to creating a will, but so is fear of the expense. That fear may be unfounded. A simple will can be created without the help of a lawyer for $20 to $100, said the advocacy group AARP. Online companies, including Nolo.com, BuildaWill.com and Legalzoom.com, allow individuals to create wills on their desktop computer. Do-it-yourself forms are also sold in stores such as OfficeMax, Office Depot or Staples.

“So don’t let money be an obstacle to creating your will,” said Lynnette Khalfani-Cox on www.aarp.org. “You really do have easy, convenient, low-cost alternatives to get the process completed.”

Completed forms must be signed by at least two witnesses and notarized. People with larger or more complicated estates may benefit from legal advice, Khalfani-Cox said. A lawyer may also be useful to people who worry others might contest their will or claim they were not of sound mind when they made their will.