According to one study, over 68% of Americans do not have a will. But that is changing. In 2021, young adults are 63% more likely to have a will than they were pre-pandemic.
It’s a good idea to check the beneficiary on your accounts every few years, especially during significant life changes such as getting married or divorced.
2. Some assets are distributed regardless of what your will says
If you want to pass money down to your kids but don’t want them to receive a massive windfall early, you can create a trust to hold one or more of your assets.
The executor of your will is in charge of carrying out your final wishes as stated in the will. They will distribute your assets to your beneficiaries, pay your debts, and generally settle your accounts.