Do I Need a Will?

Caring.com’s 2024 Estate Planning and Wills Survey finds that estate planning is more important than ever, yet fewer Americans are taking this vital step. In fact, less than two in every 3 Americans have an estate plan, a drop of about 6% from the previous year.

The study also finds that many households seem to believe they lack the assets necessary to justify a Will, but that couldn’t be further from the truth. One positive note was that estate planning and Will creation increased among 18- to 34-year-olds by 50%.

And we have more good news for you: You can create your Will today through our partnership with GiftWise!

This is one of the most common questions people ask. If you are an adult, the answer is yes. Here’s why:

No one is immune from accident or illness. Anything can happen at any time. When something tragic and unexpected occurs, having important legal documents like a Will and powers of attorney in place makes coping with disaster a little less onerous.

The last thing anyone wants is to make an unexpected passing even harder on their loved ones, who are already burdened beyond belief.

Who Needs a Will?

The short answer: Everyone! Yet, a 2024 Caring.com survey found that only 32% of Americans currently have a Will. When asked why, the most common reasons given were:

• Not knowing how to get one
• Not getting around to it
• Not believing they had enough assets to warrant one.

We’re going to answer those common objections to getting a Will with three simple answers.

#1: You can make a Will in less than 20 minutes through our partnership with GiftWise.

We’re all busy. Creating a Will seems like something that takes too long. Or is a hassle that requires finding a lawyer, setting an appointment, and completing lengthy legal forms. Or we assume making a Will is expensive. Good news! Our partnership with GiftWise helps you overcome those obstacles!

GiftWise’s attorney-designed documents are state-specific, legally binding and completely free to you. They also include two other important documents – a health care power of attorney and financial power of attorney form. It’s all fast, easy amnd completely free to you! Whether you’re making a Will for the first time or need to update the one you made years ago, now is the time to create your Will with GiftWise!

#2: Time is of the essence.

There will never be a better time than right now to make your Will.

If you pass without a Will, your estate enters a process called probate. The state names a personal representative to distribute your assets. Absent a Will, you have no say in who this responsibility falls to. The state could name an ex-spouse, parent, or another family member who wouldn’t be your first choice. If no one is willing to be your personal representative, the courts could choose a total stranger. Your money and other assets are frozen until the courts decide who will distribute them. This means no one can access your thing, even if you gave them permission to do so before your death.

The Probate process can take a lengthy amount of time and turn your untimely passing into something even harder for your family to bear.

Creating or updating your Will now gives you control over what happens after your lifetime.

#3: Everyone needs a Will, no matter how much or how little money you have.

Caring.com’s survey found that more than 1 out of 3 people think they don’t have enough money to warrant a Will. But Wills are not just for the wealthy.

Anyone with minor children needs a Will because it ensures they go to the legal guardian you designate, should you pass away before they reach adulthood. In the absence of a Will, a court decides what happens to your children.

With a Will, your heirs are able to access what you’re leaving to them faster and easier. A Will can also help you give charitable donations to organizations you care about, which may also help you offset any estate taxes. If you own a business, a Will ensures a smooth transition to the new owner(s).

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