Nearly 60 percent of Americans don't have a will, according to a new survey. 

Fifty-eight percent of American adults have not written a will, giving them little control or input into issues such as what will happen to their assets and any minor children after they die.

A will is a basic component of estate planning. Among other things, it specifies how your assets will be distributed after you pass away, and who will receive them. Without a will, (also known as dying intestate) the laws of the state and the decisions of a probate court may determine how your estate is distributed, who will care for your children if they are minors, and so forth.

The survey found that people are more likely to have a will as they get older. More than half of Americans age 50 and older have a will. But the numbers steadily drop among younger adults. Only about a quarter of people between the ages of 25 and 34 have a will. Among Americans between the ages of 18 and 24, the figure drops to less than ten percent.

The survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus three percent. 

The North Carolina Estate Planning Blog has an interesting article on when you should not use a Living Trust.

 

1. You want the court to dictate how your estate is handled.
2. You favor supporting the government, so you like the idea of your estate paying thousands of dollars in court fees.
3. You believe testamentary dispositions and lists of assets should be public record.
4. You want your executor to experience the joy to traveling to another state to handle probate in the location in which you own your timeshare, land, vacation place, etc.
5. You know your executor will enjoy filling out and signing lots of forms; after he or she has nothing better to do.
6. You know your family will not mind waiting for all the minute details of probate to be completed before the estate is closed and the assets distributed.
7. You are glad that the court clerks are kept busy, so a several month delay in approving a final account is no big deal.
8. An finally, you favor supporting lawyers, so you don't mind your estate paying thousands of dollars in attorneys fees for ensuring that the court requirements of probate are met.

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