Why 6 in 10 Americans Don’t Have a Will, and How Advisors Can Fill the Gap
When Carter Wilcoxson, founder of ePIC Services Company, tells the story of his wife's family fracturing, it always hits a nerve.
Her father and uncle have hardly spoken a word to one another...in over a decade.
This isn't due to typical political differences or some long-standing feud. It was their parents estate, or rather, the lack of a fully funded estate plan.
When the family matriarch and patriarch passed away, there was no will, no trust, and no clear direction on how to divide assets; just emotion, confusion, and a mess left behind for the siblings to navigate. And it tore the family apart.
Sadly, that story isn’t unique. Maybe it's happened to you, too (or someone you know)?
In fact, 67% of Americans have no estate plan in place, not even a basic will. And for financial advisors, this represents both a looming crisis and an incredible opportunity to show up as a true guide in their clients’ lives.
Let’s unpack why the gap exists, and how you, as a trusted family advisor, can help close it.
Why So Many Americans Avoid Estate Planning
Most clients aren’t avoiding estate planning because they don’t care; they’re avoiding it because they’re overwhelmed, misinformed, or emotionally stuck.
According to Caring.com’s 2024 Wills Survey, the top reasons cited for not having a will include:
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“I haven’t gotten around to it.” (42%)
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“I don’t have enough assets.” (35%)
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“It’s too expensive.” (15%)
Translation?
Most people are procrastinating because they don’t fully understand how vital estate planning is, or they mistakenly believe it’s something only the ultra-wealthy need.
But as any advisor knows, estate planning isn’t about wealth, it’s about their client's wishes and ensuring those wishes are honored.
The Real Cost of Doing Nothing
You probably already know this, but when a person dies without a will, their estate enters probate- a long, public, and often expensive court process.
Unfortunately, even a modest estate can face:
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3–7% in legal and court fees
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Delays in access to funds for heirs
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Court-appointed guardianship for minors
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Family conflict over who gets what
And this is just the tip of the iceberg!
Without healthcare directives or power of attorney in place, families may be forced to make painful medical decisions without guidance, or worse, be left out of the process altogether.
The bottom line here is, doing nothing is still a decision, and it can cost families more than just money.
Have you had a conversation like this with your clients yet? See how their feelings towards you shift into a more trusting relationship once you open the doors to legacy planning!
This Is Where Financial Advisors Can Step In
While estate planning is a legal process, the conversation often starts in your office.
That’s because your clients trust you , not just with their money, but with their legacy. Most of them aren’t quite sure where to begin either.
This is your moment to step up! You don’t need to become an estate attorney to offer value, and you don't have to leave them feeling like you dismissed them by handing them an attorney's business card.
You just need the right system.
So What Is a Compliant-Safe Way to Offer Estate Planning Help?
Many advisors hesitate to bring up estate planning because they don’t want to cross legal lines, and that's completely understandable; they’re right to be cautious.
In states like Texas, engaging in the unauthorized practice of law (UPL) (even unintentionally) can be considered a third-degree felony. That’s why the delivery model matters.
At ePIC Services Company, we built the Outsourced Estate Planning Team (OEPT) so that advisors can:
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Offer comprehensive estate planning solutions
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Stay fully within compliance
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Avoid software headaches and legal risk
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Focus on building trust and growing the relationships- not take on the heavy lifting of estate planning
We make sure that the advisor stays at the center of the relationship, while our attorney-backed team handles the rest.
Just ask one of our ePIC Advisors like Dixon Cummings, who said:
“I don’t have to worry about it. I’m not involved in the software… It’s clean. It’s off my plate.”
Estate Planning Is No Longer Optional; It’s an Expectation!
It's time to catch up with the times, because as the Great Wealth Transfer accelerates, estate planning is becoming one of the most expected and requested services from financial professionals.
Clients want more than portfolio reviews, they want (and need) peace of mind. When you offer estate planning solutions, you’re not just protecting assets; you’re preserving families, and you’re deepening loyalty by helping your clients avoid stories like Carter’s.
And the best part is, you really don’t have to do it alone.
Ready to help your clients without crossing legal lines?
Let ePIC’s OEPT team become your white-labeled estate planning solution so you can lead with confidence, protect your clients, and grow your business the right way.
Learn more about our Outsourced Estate Planning Team or book a call with us to learn more. We have a vested interest in your success!
Sources:
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Caring.com. 2024 Wills & Estate Planning Survey.
https://www.caring.com/caregivers/estate-planning/wills-survey/ -
AARP. Estate Planning Basics.
https://www.aarp.org/money/estate-planning/info-2020/estate-planning-basics.html -
Kiplinger. The Seven Worst Assets to Inherit.
https://www.kiplinger.com/retirement/inheritance/worst-assets-to-inherit -
Spectrem Group. Advisor Relationships and Client Expectations.
https://spectrem.com