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Fortune
Fortune
E. Napoletano

What is a will? The estate planning document you need ASAP (even if you think you don’t)

Photo illustration of a younger woman and a senior woman reviewing the paper work for a will while sitting at a table, the senior woman is signing the paper. (Credit: Photo illustration by Fortune; Original photo by Getty Images)

A secret document kept in a drawer. The reason siblings go to war when they discover they’ve been “cut out” of one. Something that’s only for rich people.

No matter what you think a will is, 2 out of 3 American adults don’t have one. According to a 2023 survey by Caring.com, only 34% of U.S. adults have a will. While some people haven’t gotten around to making one, others don’t think they own enough to need one.

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