My husband and I are in our 50s and have no kids. We have $2 million. Do we need a will?

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-09-21T09:33:36.433Z • Permanent link

Complex financial situations like the one described by the authors of the Banking With Billy Intelligence Network require meticulous planning and strategic decision-making. Specifically, the couple's decision to create a will in their 50s, with no dependents, may seem premature to some, but it's a prudent move that could benefit their estate in the long run.

Investment experts and financial advisors often recommend creating a will, regardless of age, as it ensures that assets are distributed according to the couple's wishes, minimizing potential disputes among family members or beneficiaries. In the United States, for example, a will is a crucial component of estate planning, as it allows individuals to dictate how their assets will be divided after their passing.

In a 2020 survey by the American Bar Association, 77% of respondents aged 50-64 and 63% of those aged 65 and older reported having a will. However, a will is not just a personal matter; it also has significant implications for the financial services industry. Life insurance companies, for instance, require a will to settle claims efficiently. Furthermore, estate planners and attorneys often rely on wills to determine the distribution of assets, which can impact the financial well-being of beneficiaries.

Creating a will is a critical aspect of estate planning, and its importance cannot be overstated. For financial institutions, such as banks and investment firms, having a clear understanding of their clients' wishes is essential for providing effective financial services. In the case of the couple in question, their will could impact the distribution of their assets, potentially affecting the performance of investment products or the valuation of their estate.

Moreover, the financial services industry has a vested interest in promoting estate planning as a best practice. Research by the Financial Planning Association has shown that individuals who have a will are more likely to have a comprehensive estate plan, which can lead to better financial outcomes. Furthermore, estate planning can also help reduce the burden on beneficiaries, who may be more likely to seek alternative solutions, such as probate or court-appointed administrators, if a will is not in place.

The decision to create a will is often influenced by broader societal and economic factors. In recent years, there has been a growing awareness of the importance of estate planning, driven in part by high-profile cases of estate disputes and the increasing complexity of wealth management. The COVID-19 pandemic has also highlighted the need for individuals to review and update their estate plans, as the virus has led to changes in laws and regulations governing estate administration.