Only 24% of Americans have a will, a sharp decline. For Black families building generational wealth, estate planning can avoid probate and legal fights. J.B. Howard of Merit Advisors explains the key documents.
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Fewer than half of American adults have estate planning documents in place, according to Caring.com’s 2025 Wills and Estate Planning Survey. Only 24% have a will, a sharp drop from prior years. The numbers mean millions of families face probate, a court process that delays asset transfers and adds legal costs.
J. Burke “J.B.” Howard, founder of Merit Advisors, said a legacy plan is “one of the most thoughtful things you can do for your loved ones.” Writing down decisions now, he said, helps relatives avoid guessing or fighting over intentions.
For Black families focused on building generational wealth, a will is a starting point. It names beneficiaries, picks an executor, and designates guardians for minor children. A will alone does not bypass probate, experts note.
Other documents include a living will for medical preferences and powers of attorney for healthcare and finances. Beneficiary designations on retirement accounts, life insurance, and bank accounts should stay current. Payable-on-death and transfer-on-death designations let assets pass directly to heirs, avoiding probate and sometimes offering tax advantages.
Trusts work for more complex estates. Assets in a trust skip probate, letting heirs receive them faster and keeping matters private. Revocable trusts can be changed during the grantor’s life. Irrevocable trusts offer stronger tax and creditor protection but require giving up control.
Estate planning is not just for the wealthy. Homeowners, parents, and business owners all need documents to protect loved ones and preserve wealth. For workers at companies like Apple (AAPL), updating beneficiary forms on 401(k) accounts is a critical step. The 24% will rate is the lowest since 2020, a statistic that points to a growing gap between wealth accumulation and wealth transfer, financial advisors said.
Howard summed it up: “If retirement planning is about creating income for your life, legacy planning is about creating clarity for the people you leave behind.”
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