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A Kiplinger report outlines six estate planning documents that can help people record how assets should be handled and who can act if they cannot make decisions. The article cites a Trust & Will survey of 5,000 U.S. adults: 26% said they had a will, while 56% said they had no estate planning documents. The figures describe survey responses, not legal requirements or individual advice.
A Kiplinger report on estate planning urges readers to prepare six documents covering asset distribution, financial authority and medical decisions, citing a survey in which 56% of 5,000 U.S. adults said they had no estate-planning documents. The survey, from Trust & Will’s 2026 Estate Planning Report, also found that 26% said they had a will, down from 31% a year earlier, according to the source material. The report’s list is general guidance; which documents are useful, and how they must be prepared, can depend on a person’s circumstances and state law.
The six documents discussed are a will, revocable living trust, financial power of attorney, healthcare directive, healthcare power of attorney and beneficiary designations. The source explains that these address different needs: a will records instructions for distributing property and can name a guardian for minor children; a trust can hold assets and pass property outside probate when assets have been properly titled in it; and powers of attorney can designate someone to act during a person’s lifetime.
The report says a will generally goes through probate, a court process, and that retirement accounts and life insurance usually pass according to the beneficiary forms on file rather than the terms of a will. It also describes a pour-over will as a companion to a living trust: assets not transferred into the trust during life may be directed into it through the will, but that transfer does not mean those assets avoid probate.
For incapacity planning, a financial power of attorney can authorize a chosen agent to manage matters such as bills and financial accounts. A healthcare directive records medical preferences for a time when someone cannot communicate them. A healthcare power of attorney names a person to make medical decisions in that situation. The source material is cut off while describing healthcare directives, so it does not provide detailed instructions for the final documents or explain their precise legal requirements.
Planning for incapacity and inheritance
The documents address two distinct periods: after death, when an estate is distributed, and during a person’s life, if illness or injury prevents them from handling financial or medical decisions. Without instructions, state law and court procedures may determine what happens, while family members may lack clear authority to act. The source says probate can take months or years in some cases; it gives no supporting case data for that estimate.
For families, the practical consequence is that paperwork can clarify who is responsible and what the person wanted. A will may name a guardian for children, while healthcare and financial authorizations can help avoid uncertainty when decisions are urgent. These are potential benefits, not guarantees: institutions may have their own forms, documents can be challenged, and legal outcomes depend on the facts and applicable law.
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What the survey measures
The report draws on Trust & Will’s 2026 survey of 5,000 U.S. adults. It reports that the share saying they had a will was 26%, compared with 31% one year earlier, and that 56% reported having no estate-planning documents. The source material does not give the survey’s methodology, field dates, margin of error or definitions of “estate planning documents.” The results should therefore be treated as reported survey responses rather than a complete measure of all Americans’ legal preparations.
The source also notes that rules and costs differ by location. As one example, it cites a 2026 New York estate-tax threshold of $7.35 million and describes a state-specific “cliff” above that amount. That example is not a nationwide rule. The article says a revocable living trust can help avoid probate for assets titled in the trust, but it does not reduce estate tax by itself. The figures and legal descriptions are attributed to the supplied Kiplinger material and should be checked against current state and federal rules.
“26% of respondents said they had a will, down from 31% a year earlier; 56% said they had no estate planning documents.”
— Trust & Will’s 2026 Estate Planning Report, as reported by Kiplinger
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Legal details vary by person
The supplied source ends partway through its discussion of healthcare directives. It does not fully describe all six documents, including the details of healthcare powers of attorney and beneficiary designations, or provide a complete preparation checklist. It also does not identify the full survey methodology, so the representativeness of the reported percentages cannot be assessed from the material provided.
Document names, signing rules and the authority they grant can vary by state and institution. The source specifically cautions that some banks may require their own power-of-attorney forms. It is also unclear from the material which readers need a trust, what the costs of preparing the documents would be, or whether the cited tax thresholds remain applicable to a particular estate. No individual’s legal or tax position can be determined from the general report.
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Review forms with local rules
The report’s practical next step is to identify which documents are missing and review requirements where the person lives. Readers considering a financial power of attorney can ask their banks and brokerages what forms they accept, as the source says institutions may require their own paperwork. People with trusts should check that intended assets have been titled in the trust and review beneficiary forms separately, since those designations can control how some assets pass.
Estate plans may need review after major changes, such as marriage, divorce, a move, a birth or a significant change in assets. The source does not announce a policy change or a future legal deadline; it presents preparation as a personal planning task. State-specific questions, tax exposure and arrangements involving children or business interests may call for advice from a qualified estate-planning professional.
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Key Questions
Which six documents does the report identify?
It identifies a will, revocable living trust, financial power of attorney, healthcare directive, healthcare power of attorney and beneficiary designations.
Does a will control retirement accounts and life insurance?
Not necessarily. The report says these assets generally pass according to the beneficiary forms on file, rather than the will. People may want to review those designations alongside their other estate documents.
Does a revocable living trust eliminate estate taxes?
No. The report says a revocable trust may avoid probate for assets properly titled in it, but does not reduce estate tax. Tax rules and thresholds vary by jurisdiction and should be checked against current law.
What did the 2026 survey report?
Trust & Will’s survey of 5,000 U.S. adults reported that 26% had a will, compared with 31% a year earlier, and 56% had no estate-planning documents. The supplied material does not include methodology or a margin of error.
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