Most of us know we should have a will. Many of us have been meaning to make one for years. If that sounds familiar, you’re in good company. There’s even a name for it: the “know-do gap,” the space between what we know we should do and what we actually get done. When it comes to estate planning, that gap can leave the people we love facing hard choices at the worst possible time.
The three stories below are hypothetical, but situations like them happen to real families every day.
Mark and Sarah. Mark, 30, and Sarah, 29, have a two-year-old daughter. If they were both killed in a car accident without a will, no one would be legally named to raise their daughter, and a court would have to decide. Their property would be divided under their state’s default rules, called intestacy laws, which follow a fixed formula that may not match what Mark and Sarah would have wanted. A simple will naming a guardian could spare their family that uncertainty.
Steve. Steve, 42, is a successful business owner, husband, and father of three. If he died suddenly of a heart attack with no will, no trust, and no plan for who would run his company, the business could grind to a halt. His employees could lose their paychecks, and his family could lose its main source of income while facing unexpected legal bills and a court process called probate that can drag on for months or even years.
Mary. Mary is an active 61-year-old “solo ager,” meaning she lives on her own without a spouse or children to step in for her. If she had a sudden stroke without a healthcare power of attorney or a HIPAA authorization (a form that lets doctors share your medical information with the people you choose), her extended family could struggle just to learn how she was doing, let alone figure out who had the right to make decisions for her. An already frightening time would become a painful and costly one.
How Big Is the Gap?
Situations like these are far from rare. In a 2026 survey of 5,000 U.S. adults, Trust & Will’s 2026 Estate Planning Report found that 56% of Americans have no estate planning documents at all: no will, no trust, no healthcare or financial power of attorney, and no HIPAA authorization. Yet 73% said estate planning is personally important to them. Only about one in four adults has a will, and half of all parents surveyed have no estate planning documents in place. The gap shows up at every age, too, including 58% of Millennials and 62% of Gen Xers who have no plan.
Why Don’t We Act?
When people without a will or trust were asked why, the most common answer was that they don’t think they have enough assets to need one (27%). Close behind was simply not having gotten around to it (23%). Others said they don’t know where to start (17%), believe it costs too much (15%), find it too complicated (12%), or would rather not think about it (12%).
Every one of these reasons is understandable, and some of them rest on myths. You don’t need to be wealthy to need a plan. If you have children, a home, a retirement account, or simply people you’d want to make decisions for you in an emergency, a plan protects them. And as you’ll see below, getting started can cost little or nothing.
How to Close the Gap
Pick a date. Tie your planning to something already on your calendar, such as an anniversary, a birthday, the birth of a child, or the purchase of a home. Better yet, make it part of a regular money check-in with your partner or a trusted family member. For ideas on making that conversation easy (and even fun), see How to Have the Best Money Date Ever.
Start small. Don’t wait until you have time to build the “perfect” plan. Begin with the basics: a will, a healthcare power of attorney (sometimes called a healthcare proxy), a financial power of attorney, and a HIPAA authorization. These don’t have to be expensive. Several online services will help you create a basic, state-specific will for free. The trade-off is that free tools work best for simple situations and offer little room for customization. Whichever tool you use, follow your state’s signing rules carefully. In most states, a will must be signed in front of two witnesses to be valid.
A few free online options
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Free tool |
What you get for free |
Good to know |
|
FreeWill |
A will, healthcare directive, and financial power of attorney, valid in all 50 states and Washington, D.C. |
Takes about 20 minutes. It is funded by nonprofit partners, so you may be invited (never required) to include a charitable gift. |
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Fabric by Gerber Life |
A basic will |
Takes about 5 minutes. Fabric is owned by Gerber Life, which also sells life insurance, but you don’t have to buy any. |
|
Do Your Own Will |
Will, living will, and power of attorney forms you can download as a PDF or Word file |
No account or email needed. Very basic, with little guidance along the way. |
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Rocket Lawyer (free trial) |
Seven days of free access to its will documents and attorney help |
Becomes a paid membership after seven days unless you cancel. |
Features and pricing change often, so check each site before you begin. This list is for information only and is not an endorsement of any service.
Know when to call in a professional. If you own a business, have a blended family, own property in more than one state, or have significant assets, your needs are more complex. In those cases, a local estate planning attorney is well worth the investment, ideally working alongside your financial advisor and tax professional as part of a coordinated financial team. Before you start, AARP’s 8 Common Estate Planning Mistakes is a helpful read.
You Can Do This
The hardest part is getting started. You don’t have to finish your whole plan this week; you just have to take the first step. Pick a date, put it on your calendar, and start with one document. The people you love will be glad you did.
If you’d like help thinking through how an estate plan fits with the rest of your financial life, the Clute Wealth Management team is always happy to talk.
Resources
AARP, How to Write a Rock-Solid Will
AARP, 8 Common Estate Planning Mistakes
Trust & Will, 2026 Estate Planning Report
Clute Wealth Management, How to Have the Best Money Date Ever
Adam Robert, CFP® is a co-owner of Clute Wealth Management in South Burlington, VT and Plattsburgh, NY, an independent firm that provides strategic financial and investment planning for individuals and small businesses in the Champlain Valley region of New York and Vermont. For informational purposes only. LPL Financial does not offer legal or tax advice.
Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. Clute Wealth Management and LPL Financial are separate entities.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. Clute Wealth Management and LPL Financial do not provide legal advice or services.