Study: Almost Half Of U.S. Parents Don't Have Will, Living Trust

MINNEAPOLIS (WCCO) -- If you're a parent and you don't have a will, you're not alone.

According to a new study, only a little more than half (56 percent) of all American parents have a will or living trust document. The majority of their adult children don't know where to find their parents' documents.

"Knowing we should do it but just being busy, being comfortable with life insurance and hoping the law will give it to my wife to deal with in that situation," Minneapolis resident Daniel Berman said.

Attorney John Culbert says he's not surprised by this scenario.

"People aren't naturally planning for their death," Culbert said.

Cost is also a factor. Culbert says a will can run anywhere from $600 up to several thousand dollars. But without one, the state automatically distributes your property.

"If you want different percentages to go to different people, then you would be able to name that in a will, but it would be done equally according to the state," Culbert said.

Sarah and Isaiah Goodman decided to get a will when they found out they were pregnant with their son.

"If something were to happen to both of us at the same time, our parents might not know what we want to happen for our children," Isaiah said.

The Goodmans are expecting another child in the summer. They say having a will gives them comfort if anything did happen, they have a plan in place for their kids.

"You take pride in protecting them while you're here," Sarah said. "Why should that stop if you might not be here someday?"

If you do have a will or trust, make sure to keep it in a place where your kids would be able to find it.

A safe or lock box is typically not a good option. Experts say often times people don't know the combination or have the key.