A 2024 Caring.com survey shows that 40% of Americans without a will feel they do not have enough assets to leave to anyone. What does that mean for those without?
Stan and Peggy Rosenbrock say they have their final affairs in order.
"You know, when someone in your family passes, it's a very, very emotional, very. It just is all consuming and you want to be able to focus and. Be able to process your feelings at that time and not worry about all of the things that can fall through the crack," Peggy Rosenbrock said.
Klaralee Charlton is an estate planning and tax attorney who says it is never too early to be prepared.
"Maybe you've been married for 40 plus years. Their spouse dies and they realize, 'Wow, I have to split our assets with their parents if they're still alive.'"
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Charlton says so many Americans are unaware of what happens when they pass away without a beneficiary named.
Charlton tells her clients to at a bare minimum, have a little folder at your house. In that folder Charlton says include the names of your banks, investment accounts statements, and copies of life insurance policies. She adds you should avoid adding passwords to the folder.
"I hesitate sometimes with passwords because you just don't know who's going to be the first family member to get into the house. And if they're kind of one of those nefarious family members who's trying to, you know, do shady things behind their backs. I wouldn't necessarily advocate for that," Charlton said.
The Rosenbrocks say they hired an estate planning attorney to make sure everything is in order when they pass, "I think that knowing that the transition, once we're gone, is going to be smooth and comfortable for our heirs or their sons."
