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Can Incentives Increase the Writing of Wills?

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  • Jean-Pierre Aubry
  • Alicia H. Munnell
  • Gal Wettstein

Abstract

Writing a will ensures a person’s wealth goes to intended recipients, preventing major assets like a house from being split up among many heirs. Yet many people do not have a will, particularly lower-income and non-White households. Using a survey experiment, the analysis explores whether customer interactions with banks could encourage will-writing. The results show that: combining will-writing with taking out a mortgage – a complex and stressful event – is a bad idea; offering people money helps, but mainly those who need it the least; and linking will-writing to a simpler task, like opening an account, is a much more effective option, especially for disadvantaged groups.

Suggested Citation

  • Jean-Pierre Aubry & Alicia H. Munnell & Gal Wettstein, 2024. "Can Incentives Increase the Writing of Wills?," Issues in Brief ib2024-09, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2024-09
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    File URL: https://crr.bc.edu/can-incentives-increase-the-writing-of-wills/
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