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A Kiplinger report outlines six estate planning documents, including a will, revocable living trust, financial power of attorney and health care directives. It cites a 2026 Trust & Will survey of 5,000 U.S. adults in which 56% said they had no estate planning documents; the figure is survey data, not a measure of all Americans.
Kiplinger has published a guide to six estate planning documents, pointing to a Trust & Will survey of 5,000 U.S. adults that found 56% reported having no estate planning documents. The report says the documents can record a person’s wishes for assets, finances and medical care, and designate people to act if the person dies or cannot make decisions.
The survey, identified by the report as Trust & Will’s 2026 Estate Planning Report, found that 26% of respondents had a will, down from 31% a year earlier. The source does not provide survey methodology, so the findings should be read as reported survey results rather than a definitive count of all U.S. adults.
The six documents discussed are a will, revocable living trust, financial power of attorney, health care directive, and two additional health- and end-of-life planning documents. The supplied source excerpt gives detailed descriptions of the first four categories but cuts off during its explanation of health care directives. It does not identify or describe the final two documents, so their names and functions cannot be confirmed from the material provided.
Kiplinger says a will can name beneficiaries for property covered by the will, an executor and a guardian for minor children. It also notes that wills generally go through probate, while retirement accounts and life insurance typically pass according to beneficiary designations. A revocable living trust may keep assets titled in the trust out of probate; the report says a pour-over will can direct overlooked assets into the trust. A financial power of attorney appoints someone to manage financial matters if the person cannot act.
Planning for Incapacity and Inheritance
The documents address two different situations: distribution after death and decision-making during a person’s lifetime if illness, injury or cognitive decline prevents them from acting. Without legal arrangements, families may face uncertainty about who can manage bills, assets or medical decisions. The source says court-supervised guardianship or conservatorship can be slow, costly and public; whether that process applies depends on circumstances and state law.
A written plan can also reduce the risk that a person’s wishes are displaced by default state rules or outdated account beneficiary forms. The report stresses that a will does not control every asset and that a trust only addresses assets properly titled in it. Readers may need to review beneficiary designations and ownership records alongside their estate documents.
The guide is not a substitute for legal or tax advice. Rules governing wills, trusts, powers of attorney and health care instructions vary by state, and the right documents depend on family circumstances, assets and goals.
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What the Report Says Each Document Does
Kiplinger presents a will as the basic estate document: it can name an executor and, for parents of minor children, a guardian. The report says wills are subject to probate, a court process, and that a will does not override beneficiary forms for retirement accounts or life insurance. It also cautions married couples against assuming a single joint will is suitable, noting that state rules differ and that separate wills can preserve each spouse’s ability to make changes.
A revocable living trust is described as a structure a person can manage and amend while alive. Assets must be transferred into the trust for them to receive its probate-avoidance benefits. The report says a pour-over will can act as a backstop for assets not transferred, but it does not itself eliminate the need to fund the trust.
The report’s financial power of attorney section focuses on appointing an agent to handle matters such as bill payments, investments or property if the principal cannot act. It advises checking with banks and brokerages about their forms. Its health care directive section begins by describing written medical instructions for a time when someone cannot speak for themselves, but the supplied excerpt ends before providing further details or naming the remaining two documents.
“Just 26% of respondents had a will, down from 31% a year earlier, while 56% reported having no estate planning documents.”
— Trust & Will’s 2026 Estate Planning Report, as summarized by Kiplinger
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Details Missing From the Source Excerpt
The supplied report text does not name the final two documents in the six-document list and ends partway through the health care directive discussion. Their identities and recommendations therefore cannot be reported from this material. The source also does not give the survey’s sampling method, margin of error or questionnaire wording, limiting what can be concluded from the percentages.
Estate and health care planning requirements vary by state. The source includes 2026 federal and New York estate-tax figures, but those thresholds are time-sensitive and do not establish what a particular reader owes. The supplied excerpt does not explain how the figures were verified or address other state tax rules.
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Review Documents With State Rules
Readers considering these steps can start by checking whether they have current wills, trust documents, powers of attorney and health care instructions, then review account beneficiary forms and asset ownership. The report advises asking financial institutions whether they require their own power-of-attorney forms. Anyone creating or updating documents should check applicable state requirements and consult an estate-planning attorney or qualified tax professional when their circumstances call for it.
No further publication date or official follow-up is included in the supplied material. The identities of the two documents missing from the excerpt also remain unconfirmed here.
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Key Questions
Which six documents does the report recommend?
The supplied excerpt identifies a will, revocable living trust, financial power of attorney and health care directive. It does not include the names of the final two documents, so they cannot be confirmed from the provided source.
Does a will determine who receives every asset?
No. Kiplinger says retirement accounts and life insurance generally pass according to their beneficiary forms, not the terms of a will. Readers should review those designations separately.
Does a revocable living trust reduce estate taxes?
Not by itself, according to the report. A properly funded trust may keep assets titled in it out of probate, but probate avoidance and estate-tax planning are separate. Tax rules depend on current federal and state law.
What does a financial power of attorney do?
It names an agent to handle financial matters if the person who signed it cannot act. The report recommends checking whether banks or brokerages require their own forms.
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