A will is a legally binding document that names guardians for minor children, directs who inherits your property, and appoints someone to carry out your wishes, none of which depends on how much you own. Most Americans still don't have one, wealthy or not, and the data explains why that matters for anyone weighing estate planning in Lafayette or elsewhere in Louisiana. Oak Grove Estate Planning, Louisiana's only law firm dedicated exclusively to estate planning, hears this question from families across the state: do I really need a plan if I don't have much to leave behind? The data, and Louisiana law, both say yes.
Is Estate Planning Only for the Wealthy? What the Statistics Show
Will ownership is low across every income bracket, not concentrated among people with fewer assets.
How Many Americans Actually Have a Will?
Pew Research Center's September 2025 survey of 8,750 U.S. adults found that just 32% have created a will, and only 31% have a living will or advance health care directive. Both figures cut across income groups, not just households without significant savings.
Caring.com's 2025 Wills and Estate Planning Study found a sharper drop: the share of Americans reporting a will fell from 33% in 2022 to 24% in 2025, a decline of nearly ten points in three years.
Gallup's polling adds an age and income lens. Only 46% of U.S. adults report having a will, and just 20% of adults under 30 do. Gallup also finds upper-income Americans are considerably more likely than lower-income Americans to have one, though the shortfall runs through every bracket Gallup tracks.
Estate Planning Is Protection, Not Just Wealth Transfer
A will and the documents around it exist to answer questions your family would otherwise have to answer without you, including:
- Who raises your minor children if something happens to you
- Who makes medical decisions on your behalf if you can't communicate them
- Who manages your finances if you become incapacitated
- Whether a court, rather than you, decides who gets your belongings
Consider a young couple with a mortgage, two kids, and a modest retirement account. They don't have what most people picture as an "estate," yet without a plan, a Louisiana court decides who raises their children and how their limited savings are distributed. The size of the estate has nothing to do with the size of that risk.
Why Modest Estates in Lafayette Still Need a Plan
An estate plan covers gaps that Louisiana law would otherwise fill with its own rules. Here's what those default rules look like, and why your own plan beats leaving it to the state.
Guardianship for Minor Children
Parents of minor children face the clearest risk. Without a will naming a guardian, a Louisiana court decides who raises your children, and that decision may not match what you would have chosen. Even close relatives can end up in a dispute over custody if nothing in writing points to your intent.
Healthcare Directives
Medical crises don't wait for old age, and healthcare directives are often skipped by people who assume they're only for older adults. Without one, family members may be left arguing over decisions instead of acting on your known wishes. A signed directive settles the question in advance.
Avoiding Intestate Succession Complications
Without a will, Louisiana's Civil Code governs what happens to your property through intestate succession, a fixed legal order that follows blood and marriage rather than personal relationships. That order can mean stepchildren, unmarried partners, or close friends receive nothing, no matter how close the relationship actually was.
Louisiana also treats most assets acquired during marriage as jointly owned community property, which operates under different succession rules than separate property. A plan that explicitly addresses this distinction avoids ambiguity for the surviving spouse.
The Minimum Documents Everyone Should Have
Everyone benefits from three core documents, even without a trust:
- A will names guardians for minor children, directs who receives your belongings, and designates an executor to carry out your wishes
- A financial power of attorney names someone you trust to manage bank accounts, pay bills, and handle financial matters if you become unable to
- A healthcare directive, sometimes paired with a medical power of attorney, spells out your treatment preferences and names someone to decide if you can't
Last Will and Testament
Naming a guardian for minor children, directing who receives your belongings, and appointing an executor are a will's three core jobs. Louisiana law requires specific signing and witnessing formalities, and skipping them is one of the most common reasons a DIY will gets thrown out in court.
Financial Power of Attorney
Financial power of attorney lets someone you trust manage bank accounts, pay bills, and handle financial matters if you become unable to. The durable version stays in effect even after incapacity, which is the version most people actually need.
Healthcare Directive
Healthcare directives, often paired with a medical power of attorney, spell out your treatment preferences and name someone to decide on your behalf if you can't. Together, the two documents keep medical decisions with the person you chose instead of whoever happens to be in the room.
When a Trust Might Still Make Sense
Trusts aren't required for a solid plan, but they help in specific situations: blended families who want to control how assets pass to stepchildren, parents who want to delay a minor's inheritance past age 18, or anyone holding Louisiana real estate they would like to keep out of the succession process. Most modest estates, though, are fully covered by a will and the two powers of attorney above.
Andrew Mims, founder and principal attorney of Oak Grove Estate Planning, built the firm around treating these documents as essential from the start, not optional extras for later in life. With nearly 15 years of experience guiding Louisiana families, Andrew and the Oak Grove team tailor each document to a client's actual circumstances rather than a generic template.
Frequently Asked Questions
Do I need a trust if I don't have many assets?
Not usually. A will, a financial power of attorney, and a healthcare directive cover most of what a modest estate needs. A trust becomes more useful once real estate, blended-family concerns, or minor beneficiaries enter the picture.
What happens if I die without a will in Louisiana?
Your property passes through intestate succession, a fixed legal order set by Louisiana's Civil Code rather than your personal wishes. Stepchildren, unmarried partners, and close friends typically receive nothing under this default order, regardless of how close the relationship was.
At what age should I start estate planning?
Any age past 18. Accidents and illness don't wait for a milestone birthday, and a will, healthcare directive, and power of attorney protect you the moment they're signed, not just later in life.
How much does a basic estate plan cost?
Costs vary based on the documents involved and the complexity of the family situation. Oak Grove Estate Planning tailors pricing to a client's actual needs rather than charging a flat rate for every case.
Do I need a lawyer, or can I use an online template?
Online templates can miss Louisiana-specific signing and witnessing requirements, which is one of the most common reasons a DIY will gets challenged or ruled invalid. An attorney ensures the document holds up when your family needs it to.
Start With a Plan That Fits Your Actual Life
The size of an estate has little to do with whether a plan is worth having. What matters is whether your children, your medical wishes, and your belongings are protected by decisions you made, rather than default rules the court applies.
Oak Grove Estate Planning offers a complimentary consultation to Louisiana families at every stage of life, plus no-cost check-ins every three years and unlimited attorney access once you become a client. Reach out to schedule a consultation and put a plan in place that reflects your wishes.
The information on this page is provided for general educational purposes only and does not constitute legal advice. Every case is different. Past results do not guarantee future outcomes.
Sources
- Pew Research Center, "How many Americans have made a will, discussed end-of-life preferences?" (2025): https://www.pewresearch.org/social-trends/2025/11/06/experiences-with-estate-planning-and-discussing-end-of-life-preferences/
- Caring.com, 2025 Wills and Estate Planning Study: https://www.caring.com/resources/wills-survey
- Gallup, "How Many Americans Have a Will?": https://news.gallup.com/poll/351500/how-many-americans-have-will.aspx
- Louisiana State Legislature, Civil Code Article 875, Intestate Succession: https://www.legis.la.gov/Legis/Law.aspx?d=111025
