This overlooked personal finance tip can help your loved ones

Thinking about your own death is not something most people enjoy doing. However, if you plan to pass on savings or assets, like a home, having a will is important in ensuring those items end up in the right hands. Still, according to a new survey, most Americans don’t have a will.

The data, which comes from a Western & Southern Financial Group survey of 1,007 U.S. adults, showed that only one in four Americans has a will. Understandably, the likelihood of having a will differs widely between generations. Baby boomers were the most prepared with nearly half (47%) having a will, while only 23% of millennials did and 20% of Gen Zers.

But astonishingly, nearly a third (30%) of respondents have never even discussed end-of-life plans with their family at all. And, according to the research, that’s highly problematic, because often, the death of a loved one can cause more than grief. It can cause financial distress. Over half of respondents (51%) said they struggled financially after a death of a loved one and 14% described those challenges as being significant.

The number one reason most said they’ve never discussed financial plans is due to discomfort (54%). But that discomfort can lead to a lot of confusion. The data showed 38% of people were not confident in their understanding of their parents’ finances. That was especially true when it came to financial arrangements between siblings. Fifty-five percent of Americans felt uninformed about how finances would be distributed with millennials and Gen Zers most in the dark (57% each).

A staggering number of those surveyed—38% overall—had not done any preparation either for their own passing or the passing of a loved one. However, nearly half of Gen Zers said the same was true (49%).

It makes sense that Gen Z may be the least financially prepared for death (given they’re the youngest working generation), however, it could also be due to the broad fears, spanning the generations, that there won’t be much leftover to pass on. A previous Western & Southern survey found that nearly half of Americans (49%) were not confident in their ability to retire—ever. Gen X was the most concerned (52%), followed by millennials (50%) then boomers (47%). But the youngest generation of workers, who have the most working years left, were not confident about retirement either: 41% of the group said they worry they may never retire.

While there are many reasons why writing a will can be intimidating, there are plenty of online resources that can help. Writing a will does not require an attorney and online will writing services can cost between $0 and $300.