Financial Wellness Requires Having a Will

When discussing financial wellness, many people think about budgeting, saving, and investing. However, one crucial element is often overlooked—estate planning. Owning a will is a fundamental part of financial wellness, yet alarmingly few Americans have one in place. According to a 2021 Gallup poll, only 46% of U.S. adults have a will, leaving the majority unprepared for the inevitable. Breaking it down further, the statistics are even more concerning:

• Ages 65 and older: 76% have a will.
• Ages 50 to 64: 53% have a will.
• Ages 30 to 49: 36% have a will.
• Ages 18 to 29: Only 20% have a will.

This data reveals that a significant portion of the population, especially younger adults, are neglecting this critical financial step. Without a will, loved ones are left to navigate the complexities of probate court—a lengthy, costly, and emotionally draining process that can delay the final closure needed when handling estate matters.

The Consequences of Not Having a Will

When someone dies without a will, their estate goes through probate, a court-supervised process that determines how assets are distributed. Without clear directives, state laws take over, often leading to outcomes that may not align with the deceased’s wishes. This can result in:

• Delayed asset distribution: Probate can take months or even years, prolonging financial uncertainty for your family.
• Increased legal costs: Attorney fees, court costs, and administrative expenses eat into the estate’s value.
• Family conflicts: Without clear instructions, disputes over inheritance can lead to unnecessary legal battles.
• Minor children’s guardianship left to the courts: If parents pass away without a will, the court decides who will care for their children.

Why You Need a Will Now

Beyond avoiding probate nightmares, having a will ensures that:

• Your assets are distributed according to your wishes
• Your loved ones are taken care of financially
• You designate guardians for minor children
• You reduce the burden on family members during an already difficult time

Additionally, when creating a will, it’s the perfect time to establish essential legal documents such as Financial Power of Attorney and Healthcare Power of Attorney—often at no additional cost. These documents allow you to appoint someone to make financial and medical decisions on your behalf if you become incapacitated.

Take Action Today

If you don’t have a will, now is the time to act. Don’t leave your family with uncertainty and stress. At Palmer Financial Wellness, we help individuals and families create essential financial documents that protect their future. Contact us today to start the process and take this vital step toward financial wellness.

Your financial future—and your family’s peace of mind—depend on it.