Estate planning is one of those tasks people know they should handle and still postpone indefinitely. Despite rising home values and longer life expectancy, most Americans either do not have a will or have not updated one in years.
According to a Caring.com survey, only 24% of Americans have a will that outlines how their money and assets should be managed. Even among those who do, nearly one quarter have not updated their will since it was originally drafted, despite major life changes that can render old documents ineffective.
Nearly 25% of Americans have not updated their will since it was first drafted, despite major life changes such as marriage, divorce, children, home purchases or shifts in financial circumstances.
This gap creates real risk. An outdated or nonexistent will can lead to probate delays, unintended beneficiaries, higher legal costs and disputes among heirs. For homeowners, especially those with significant real estate assets, the absence of current planning can complicate transfers and reduce the value ultimately passed on to family members.
Estate planning is often postponed because it feels uncomfortable or non-urgent. But the consequences of delay usually surface at the worst possible moment, when clarity matters most and decisions must be made quickly.
As CNBC recently noted, estate planning remains one of the most commonly ignored financial responsibilities, even among otherwise well-prepared households. For many, it may be time to move this task higher on the priority list. f real estate is part of your long-term plan, keeping your estate documents current is essential. If you want to understand how property ownership fits into broader estate planning decisions, I’m happy to help you think through the implications.
(Caring.com, CNBC)
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American Bar Association: Estate Planning Basics: https://www.americanbar.org
