Nearly 60% of Americans don't have wills

Most Republicans have one, but just 38% of Democrats do; two-thirds of parents with young kids are intestate
FEB 06, 2017
Only 36% of U.S. adults with children under age 18 have a will or living trust, and just 42% of all U.S. adults have such documents, a new study from Caring.com finds. Older Americans are better prepared than younger ones, with 58% of Baby Boomers and 81% of those older than 72 having a will or living trust, compared with one in five Millennials (ages 18-36) and 36% of Gen Xers (37 to 52). Among those who don't have estate documents, the main reasons are: “I just haven't gotten around to it” (47%) and “I don't have enough assets to leave to anyone” (29%). The survey, conducted for a San Mateo, Calif.-based senior care referral service, interviewed a nationally representative sample of 1,003 adults and found that medical and healthcare powers of attorney are more common than wills/living trusts. About 53% of U.S. adults having granted someone legal authorization to make decisions on their medical care if they are unable to do so. In terms of wills, the survey found that 58% of Republicans have one, versus 38% of Democrats and 37% of independents.

Latest News

Supreme Court strengthens SEC power to claw back fraud profits from violators
Supreme Court strengthens SEC power to claw back fraud profits from violators

No investor losses? The SEC can still claw back every dollar of pro

Wirehouse moves: RBC nabs experienced Wells Fargo advisor in New England
Wirehouse moves: RBC nabs experienced Wells Fargo advisor in New England

Plus, Well Fargo hails May recruitment haul totaling more than $3 billion in assets, while UBS recruits a top advisor and women's champion from Lazard.

Robinhood Concierge for millionaire investors nears 60,000 clients
Robinhood Concierge for millionaire investors nears 60,000 clients

Robinhood’s invite-only Concierge unit now serves about 60,000 affluent customers with CFP access, tax planning, and estate planning resources as the retail brokerage expands further into wealth management.

Advisor360, Willow Wealth tap seasoned veterans for C-suite roles
Advisor360, Willow Wealth tap seasoned veterans for C-suite roles

The two wealthtech platforms name new C-level executives as AI-native strategy and private markets growth accelerate across the advice industry

Western Asset agrees to $100M SEC penalty over cherry-picking scheme
Western Asset agrees to $100M SEC penalty over cherry-picking scheme

Franklin Resources' fixed-income unit settles SEC charges and closes firm-level DOJ and regulatory probes, but Kenneth Leech's criminal case continues.

SPONSORED Estate planning isn't a service add-on. It's your retention strategy.

As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.

SPONSORED Why strategy matters more than performance

In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.