Do You Need an Estate Plan? The 2026 Will vs. Trust Guide

# Do You Need an Estate Plan? The 2026 Will vs. Trust Guide

> **Quick answer:** Most adults need at minimum a will, a durable power of attorney, and a healthcare directive. Those with minor children, blended families, multi-state property, or assets over $150,000 in complex-probate states typically need a revocable living trust as well. The four planning levels are: No-Plan-Yet (urgent action needed), Will-Only (solid foundation with gaps), Trust-Ready (upgrade from will to trust is warranted), and Full Estate Plan (maintenance mode). Take the quiz at [/quiz/estate-plan-quiz-2026](/quiz/estate-plan-quiz-2026) to find out where you fall.

Do you need an estate plan? If you have any assets, a family, or preferences about your own medical care — the answer is yes. The more relevant question is what kind of plan you actually need. Sixty-seven percent of Americans have no will at all, and even many who do have a will have significant gaps that could cost their families thousands of dollars and months of legal delay.

## The Planning Gap That Costs American Families Billions

The 2026 Trust & Will Estate Planning Report found that 73% of Americans believe estate planning is personally important — yet fewer than a third have a will. Even fewer have a trust. The gap between intention and action is one of the most costly financial planning failures in the country.

When someone dies intestate (without a will), their state's default inheritance laws take over. In most states, assets are split between a surviving spouse and children according to a formula that ignores your actual wishes. Unmarried partners of any length may inherit nothing. Estranged relatives may inherit over close friends. A judge who never met you appoints a guardian for your minor children.