Fewer Americans Have Wills, Says New Survey by FindLaw

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Fewer Americans Have Wills, Says New Survey by FindLaw


MOUNTAIN VIEW, Calif., Sept. 22, 2003 – The percentage of Americans with wills has dropped, says a new survey.

The latest annual survey by the legal Web site FindLaw (www.findlaw.com) found that 57 percent of Americans do not have a will, potentially leaving them without any say over issues involving their assets or care of any minor children after they die.

Only 41 percent of American adults currently have a will, a drop of three percentage points from a year ago. The percentage of Americans with wills increased slightly in 2002 - possibly because of changes to estate tax laws and the impact of terrorist attacks - but fell back again this year. Two percent of respondents did not know or had no response. Does everybody need a will?

"If you don't want the state to write your will, then you need to create a will," said James Kosakow, an attorney in Westport, Conn., who specializes in estate planning. "If you die without a will, the state will say who gets what from your estate, who your executors - those responsible for administering your estate - will be, and who will take care of your minor children. You won't have the opportunity to reduce or avoid estate taxes, which could potentially be significant; establish trusts for your children or other beneficiaries; donate to charity or bequeath gifts to specific people. The only way you can have any say in these matters is through an estate plan, which generally includes a will."

Although the circumstances of each individual and family are different, FindLaw offers the following suggestions for situations where having a will may be particularly important:

  • Do you have specific wishes for distributing assets from your estate?
  • Do you have minor children?
  • Do you have children from a previous marriage?
  • Is your estate potentially subject to estate taxes?
  • Do you have family-owned property or businesses?

Additional helpful information on the benefits of estate planning and directories for finding estate planning attorneys can be found on Web sites such as www.findlaw.com

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About Findlaw
FindLaw (www.findlaw.com) is the leading provider of online legal information and solutions for the legal community, businesses and individuals. The FindLaw Internet portal is the highest-trafficked legal Web site, according to leading independent Internet-traffic-monitoring services. The site provides comprehensive, plain-English legal information to businesses and individuals. These resources include West Legal Directory®, the Internet's largest directory of lawyers and legal professionals. FindLaw also offers comprehensive information, resources and services for law practice and legal career development, including free case law, an online career center, breaking legal news, newsletters, message boards, service directories, continuing legal education and legal search tools. In addition, FindLaw provides access to tools and services that help connect legal professionals with potential clients. FindLaw is a business within The Thomson Corporation (TSX: TOC; NYSE: TOC).

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