As we celebrate Estate Planning Awareness Month, it's important to recognize that creating an estate plan isn’t just a smart move—it’s essential. Unfortunately, many Americans still haven’t taken this crucial step, leaving their loved ones vulnerable and unprotected. The numbers paint an alarming picture, and highlight an urgent need for accessible and affordable estate planning.
In this guide, we’ll share some important wills and estate planning facts and some exciting opportunities for change.
Why Estate Planning Matters
A recent survey revealed that two-thirds of Americans don’t have a will or any other form of estate plan in place. This means that over 60% of adults are leaving the fate of their assets, dependents, and healthcare decisions up to the state. Why is this the case?
Here are several common reasons why Americans delay their estate planning:
Misunderstanding the Need: Many believe estate planning is only for the wealthy. In reality, if you have children, property, or assets—no matter the size—an estate plan is essential. Nearly 70% of Americans think estate planning is only for those with significant wealth, a misconception that leaves countless families at risk (NAEPC Journal of Estate & Tax Planning).
Procrastination and Fear: Some people avoid thinking about end-of-life planning because it feels uncomfortable or overwhelming. Others simply believe they have plenty of time. But life is unpredictable, and without a plan, your family could face lengthy legal battles and added stress during an already difficult time.
Perceived Complexity and Cost: Traditional estate planning can seem intimidating and expensive, often involving multiple meetings with attorneys and costs that can easily run into the thousands. According to the American Bar Association, many are deterred by the high cost. Fortunately, affordable, easy-to-use options like Trust & Will are changing the game, offering plans starting at just $199.
Healthcare and Advance Directives: Nearly 40% of Americans over age 55 don’t have an advance healthcare directive, leaving their healthcare wishes unclear if they become incapacitated. This essential document ensures your medical preferences are respected, and it’s a key part of any estate plan.
Incomplete Plans: Shockingly, over 30% of people who begin estate planning never complete it by signing their documents, making their plans legally invalid. Often, this happens because they get stuck on the final steps or don’t have access to a notary or witnesses when they need them.
Key Trends from the 2024 Probate and Millennial Estate Planning Studies
New data from Trust & Will’s 2024 Probate Study reveals that the probate process can be both costly and emotionally taxing. The study found that, on average, probate costs families around $14,000 and can last over 12 months, delaying asset distribution and adding stress to an already challenging time.
Meanwhile, the Millennial Estate Planning Study uncovered alarming trends among younger generations:
62% of millennials don’t have a will or trust, with many unaware of the risks involved.
Millennials are poised for the “Great Wealth Transfer”, yet only 43% expect to receive an inheritance.
83% of millennial pet owners have assigned a guardian for their pets, showing their attention to non-traditional assets.
Millennials are often “sandwiched” between caring for their children and aging parents, with 39% juggling both responsibilities, which impacts their estate planning.
These findings highlight the need for proactive estate planning to avoid the costly, time-consuming probate process and secure peace of mind. Here’s how Trust & Will can help.
Breaking Down Barriers with Digital Estate Planning
At Trust & Will, we believe estate planning should be simple, affordable, and accessible for everyone. That’s why our digital platform is designed to remove the barriers that have kept many families from creating a plan in the past.
Convenience: You can create a legally binding estate plan entirely from home. No in-person meetings. No overwhelming paperwork. We even partner with a mobile notary service that will come right to your door with witnesses to make sure you fully complete the process.
Affordability: Our plans start at just $199, providing a cost-effective alternative to traditional estate planning without compromising quality.
Ease of Use: Our guided, step-by-step process ensures you understand every decision and that your plan is complete and legally valid.
Don’t Wait—Take Action This Month
During Estate Planning Awareness Month, there’s no better time to secure your future and protect your loved ones. Whether you’re creating your first will and estate plan, or updating an existing one, Trust & Will is here to make the process straightforward, affordable, and stress-free. Your family’s future is too important to leave to chance.
Ready to get started? Visit Trust & Will to compare options and start your estate plan. Don't wait—protect your legacy and give your family peace of mind today.
Is there a question here we didn’t answer? Browse more topics in our learn center or chat with a live member support representative! Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.
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