61% of Americans Lack Wills as 69% of Millennials Count on Inheritance

4 articles · Updated · 24/7 Wall St. · May 14

Northwestern Mutual’s 2025 study found 61% of U.S. adults do not have a will, with Gen X the most exposed at 61% despite 26% saying they plan to leave an inheritance.
That gap matters because dying without a will pushes estates into state intestacy rules, which can slow probate, raise costs and redirect assets in ways families did not expect.
69% of Millennials and 63% of Gen Z who expect an inheritance say it is critical or highly critical to their long-term financial security, tying retirement, housing and debt plans to transfers that may never be properly documented.
Economic strain appears to be fueling the delay: the personal saving rate fell to 4.0% in Q1 2026 from 6.2% two years earlier, consumer sentiment dropped to 49.8, and households may be postponing estate work that can cost a few hundred dollars.

Gen X is inheriting trillions. Why are they the least prepared generation to pass this wealth on to their children?

Online wills cost under $150. Why do most Americans still avoid this simple step that protects their family's financial future?

Your digital life is worth a fortune. Who inherits your crypto and online accounts if you don't have a plan?