Estate Planning Awareness High But Adoption Remains Low Among Americans

Despite recognizing the importance of estate planning, fewer than one-third of Americans have a will, according to recent surveys. Procrastination and perceived lack of substantial assets are cited as primary reasons for this gap. The trend reflects shifting priorities, with more individuals including pet care provisions and appointing non-family executors.

Warren Buffett advocates for transparency in estate planning, recommending that individuals share their wills with beneficiaries beforehand to clarify intentions and mitigate disputes. Surveys indicate a decline in will preparation, with only 24% of respondents having one in 2023—down from 33% the previous year. Retirement and major life events remain key motivators for those who do engage in planning.