A Lot Of Boomers Are Clueless About What Will Happen To Their Assets When They Die

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Photo: Flickr / Offbeat Photography

A survey at RocketLawyer.com reported that half of Americans with children have no will, while 41% of baby boomers have not legally stated who will get their inheritance.Here are some other interesting findings from RocketLawyer’s report: 

  • Half of respondents with children (50 per cent) do not have a will to protect their family.  
  • 40-one per cent of baby boomers (age 55-64) do not have a will.  
  • Protecting digital assets (Facebook account, online photos, passwords) is essential, yet 63 per cent of respondents don’t know what happens to their digital assets when they pass.  
  • The majority of Americans (61 per cent) don’t believe it’s important to provide for a pet in their will.   
  • The top three most important reasons boomers offered for creating a will include: ensuring assets pass on to the right people (69 per cent), “to be sure my family is taken care of” (54 per cent) and “to prevent family disputes” (44 per cent).

The fact that so few baby boomers have a will is concerning. 

“When someone dies without a Will, state law dictates how assets are distributed and the court decides who gets custody of minor children,” said Charley Moore, founder and executive chairman of Rocket Lawyer. “No one should leave big decisions like that to the government and chance.”

Would you rather dictate who in your family or friends gets what, or have state law determine how assets are distributed?

Click here to see 12 reasons why you need a will NOW >

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