An astonishingly low 32% of Americans possess a will, down from 2023, indicating a troubling trend in estate planning awareness among adults.
Without a will, individuals relinquish control over their estate, allowing state regulations to dictate asset distribution, which may contradict personal preferences.
Selecting an executor is crucial; they handle complex tasks post-death, and should ideally reside nearby and possess the time and capability for the duties.
Despite the average American family's net worth of $1.06 million, many wrongly believe they lack necessary assets, illustrating a disconnect in estate planning motivations.
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