Many Americans underestimate the importance of estate planning. Roughly 40% of people who don’t have a will say it’s because they don’t have enough assets to leave anyone, according to Caring.com’s 2024 Wills and Estate Planning Study.

However, having a proper estate plan in place is essential, regardless of how much money you have, as it does more than distribute your assets; it outlines how your personal affairs will be managed after you’re gone and the kind of medical care you want to receive. Estate planning is especially important for women and single adults, who often have fewer assets or support as they age.