According to a recent study by caring.com just 40% of U.S. adults have a will (including only 36% of U.S. adults who have children under the age of 18). What’s more only 53% of U.S. adults have a healthcare power of attorney (“POA”).

What’s the big deal?

Without a will or similar trust agreement decisions about tangible property, financial assets and postmortem arrangements will be made without a person’s input. Do you really want someone else making decisions for you?

Without a healthcare POA doctors will not implement your medical preferences if you are unable to communicate. Shouldn’t you decide what care you want?

Explanations for not having a will or similar trust agreement include:

“I haven’t gotten around to it.” – 72%

“I don’t have enough assets to leave to anyone.” – 29%

“I don’t have anyone to leave assets to.” – 7%

“It’s too expensive.” – 4%

“I don’t know how to get one.” – 4%

In our fiercely independent society where we value personal freedoms it’s nonsensical to avoid making a plan. Without doing so our wishes will not be honored. The court system will decide what medical care we can/cannot have in the event we are unable to communicate, who receives our assets after we die, etc.

In sum if you don’t make a plan the government has one for you. That seems positively un-American (and, ironically, simultaneously perfectly American).