How Common Are Wills?

Do most people actually have wills? And for those who do not, what will happen if they die without a will? According to data from Gallup, far fewer Americans have wills than they should. Indeed, the data shows that fewer than half of all adults in the country have a will or have engaged in any other kind of estate planning. Approximately 46 percent of adults currently have wills. Our Summit estate planning lawyers can tell you more about the data, including the types of people who are most likely to have wills, and we can also discuss the need for a will or other estate planning documents.

Older and Wealthy Adults Are Most Likely to Have Wills 

The data from Gallup suggests that a broad range of the American public has been sold on the myth that wills are only necessary for elderly adults and for those with substantial wealth. This is a myth, we want to be clear.

Yet the largest group of people with wills in the US are those who are aged 65 and older. With each younger age group, the percentage of Americans with wills tends to be even lower. Only about 20 percent of adults under the age of 30 have a will. In addition to older adults, the other group of Americans that tends to be more likely to have a will are those in upper income brackets, according to Gallup.

If so few Americans actually have wills, you may be wondering: do I actually need a will or other estate planning documents?

Everyone Should Have an Estate Plan

Everyone in New Jersey should have an estate plan. While most estate plans include wills alongside other important documents, you may be in a situation where trusts, advance directives, and beneficiary designations are sufficient given your particular circumstances. It is absolutely critical to recognize that it is important to make a will and to engage in estate planning even if you are younger and even if you are not wealthy.

Wills are not just for leaving assets to family members and other loved ones. Through a will, you can name a guardian for your minor children, and you can name an executor for your estate. If you die without a will and have assets that are unaccounted for (such as through a payable-on-death designation), you will die “intestate,” and your assets will be distributed according to New Jersey’s law of intestate succession. To avoid New Jersey law from determining how your assets will be distributed, you should get in touch with an estate planning lawyer who can help you to ensure that you have all necessary estate planning documents in place.

Contact a Summit, New Jersey Estate Planning Attorney 

Every adult in New Jersey should have an estate plan. Whether you have questions about making a will or creating other important estate planning documents, one of the experienced Summit estate planning attorneys at Dempsey, Dempsey & Sheehan can speak with you today. Contact our firm to begin working on your estate planning needs.

Sources:

law.justia.com/codes/new-jersey/title-3b/

news.gallup.com/poll/351500/how-many-americans-have-will.aspx