According to a 2023 Caring.com survey, roughly two-thirds of American adults have no will, trust, or any form of estate plan. The number is even higher among younger adults: nearly 78% of millennials have done zero formal planning for what happens to their assets, guardianship of their children, or their medical wishes if something unexpected occurs.
These are not people who lack the resources to plan. They are parents, homeowners, and professionals who simply have not gotten around to it. The reasons are remarkably consistent — and remarkably fixable.
Why We Procrastinate on Estate Planning
The most common reason people give for not having an estate plan is that they "haven't gotten around to it." But beneath that surface-level answer lies a cluster of deeper psychological barriers. Thinking about mortality is uncomfortable. The legal language feels intimidating. And many people mistakenly believe estate planning is only for the wealthy — that unless you have millions in assets, there is nothing to plan for.
In reality, estate planning is not about the size of your bank account. It is about making sure the people you love are not left guessing. Who raises your children if both parents are gone? Who makes medical decisions if you cannot speak for yourself? Where do your digital accounts, insurance policies, and retirement funds actually live? Without clear answers, families are left scrambling during the worst moments of their lives.
What Happens Without a Plan
When someone dies without a will — known legally as dying "intestate" — the state decides who gets what. That process, called probate, can take anywhere from six months to several years and costs families an average of 3-7% of the total estate value in legal and court fees. In contested cases, those costs climb much higher.
Beyond the financial toll, the emotional damage is often worse. Studies from the American Association of Retired Persons show that inheritance disputes are a leading cause of permanent family rifts. Siblings stop speaking. In-laws contest distributions. Unmarried partners, who have no automatic legal standing in most states, can lose everything. A simple set of instructions could have prevented all of it.
The average probate case in the United States costs between $3,000 and $8,000 in legal fees alone — money that could have gone directly to the people you love.
Three Steps You Can Take This Weekend
You do not need a lawyer, a financial advisor, or an entire Saturday to start. If you want a comprehensive roadmap, our estate planning checklist covers every component. But here are three concrete actions that take less than an hour each and dramatically improve your family's readiness:
- Create an asset inventory. List every bank account, retirement fund, insurance policy, property deed, and digital account you own. Include login credentials and contact information for each institution. Store it somewhere your family can access it.
- Name your decision-makers. Decide who should manage your finances and make medical decisions if you are incapacitated. Write these names down. Even an informal document is better than nothing while you work toward formal legal documents.
- Write a letter of intent. This is a plain-language document that tells your family what you want — for your children, your assets, your funeral, and anything else that matters. It is not legally binding, but courts often reference it and families always appreciate it.
Why Instructions Matter More Than Documents
Legal documents are essential, but they sit in folders and safes. What families desperately need in a crisis is practical guidance: where things are, who to call, what to do first. A well-organized set of instructions — covering accounts, contacts, passwords, wishes, and step-by-step next actions — can save your family weeks of confusion, thousands of dollars, and immeasurable stress.
This is exactly what My Loved Ones helps you build. Our guided process walks you through every category of your material legacy — from financial accounts and property to insurance and digital assets — and produces a clear, downloadable document your family can actually use. No account creation required. No data stored. Just a structured, private way to get the most important things on paper.
The Cost of Waiting
Every year you delay, the complexity grows. New accounts open, beneficiary designations go stale, and family circumstances change. The best time to start an estate plan was five years ago. The second best time is today. You do not need to finish everything at once — you just need to start.
