57% of Americans Do Not Have a Will

NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- Bankrate, Inc. (NASDAQ: RATE) today published the findings of a national poll which found that 57% of consumers do not have a will. Furthermore, 69% of parents with children under the age of 18 are not prepared with a will. The poll is included in this month's segment of Bankrate's Financial Literacy Series: Planning for your heirs, which provides information, tips and advice to consumers on wills, trusts, and estate planning. To view Bankrate's Financial Literacy 2007 - Guide to Building Personal Wealth, go to http://www.bankrate.com/financialliteracy.

Although poll results show that Americans realize the importance of having a will (76%), many simply don't follow through. Forgoing a will could have major implications. Without a will, the state decides how property gets distributed, heirs will likely fight over property, and parents won't have a say about who will care for their children.

"Having a will is the ultimate gift for your family," said Julie Bandy, editor-in-chief of Bankrate.com. "It clearly states your intentions, wishes and in the long run will save your heirs money and hassle," Bandy added.

    Key findings of the poll include:

    -- Although three-quarters of poll respondents say everyone needs a will,
       57 percent say they haven't got one.
    -- Even worse, 69 percent of parents with children under the age of 18
       don't have a will -- and 88 percent of them said they believe a will is
       important in order to appoint guardians.
    -- The incidence of wills increases with respondents' age: Of those 50 and
       older, 63 percent have a will, although 84 percent say every adult
       should have one, and 90 percent of that age group say they want to make
       their death as easy on their families as possible.
    -- Among those with a will, 71 percent used an attorney to help draft it;
       14 percent wrote their own, 7 percent used software, and 2 percent
       bought documents from an office supply store. 6 percent of the
       respondents didn't specify.
    -- Responses were similar across all income levels.

Bankrate poll: This national random-digit-dialed phone study of 1,010 adults 18 or older was conducted for Bankrate by GfK Roper Public Affairs & Media. The surveys were conducted from October 26, 2007 through October 28, 2007. The sample was weighted by demographic factors including age, gender, race, education and census region to ensure reliable and accurate representation of adults in U.S. households. The margin of error for the survey is +/- 3 percentage points.

Cheryl Allebrand, senior reporter, is available for interviews or as an expert guest.

    November's offering includes:

    Overview
    What you need to know about wills
    Estate planning components
    Benefits of trusts
    8 types of trusts

    Take Action
    8 ways to leave a mess for your heirs
    Accidental disinheritance
    Could your inheritance be disconnected?

    Poll
    National Poll: Americans know better, but still don't act on convictions
    Take our Poll:  Is it vital to have a will?

    Money Makeover
    Jennifer:  a 40-year-old woman faces a life event -- a divorce -- and
    needs to revise her estate plan.

    Spotlight
    Suze Orman -- notable personal finance television personality discusses
    Revocable Living Trusts

    Ted Kurlowicz -- professor of estate planning at The American College,
    says good estate plans should address three questions: who, how and when.

    Cass Warner -- granddaughter of Harry Warner of Warner Bros. fame, speaks
    about his legacy

About Bankrate, Inc.

Bankrate, Inc. (NASDAQ: RATE) ("Bankrate") owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2005, Bankrate.com had nearly 53 million unique visitors. Bankrate provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ: YHOO) , America Online (NYSE: TWX) , The Wall Street Journal (NYSE: DJ) and The New York Times (NYSE: NYT) . Bankrate's information is also distributed through more than 400 national and state publications. In addition to Bankrate.com, Bankrate also owns and operates Bankrate Select, an Internet lead aggregator and Mortgage Market Information Services, Inc. and Interest.com, Inc., each of which publishes mortgage guides and financial rates and information.

    For more information contact:
    Kayleen J. Keneally
    Senior Director, Corporate Communications kkeneally@bankrate.com
    (917) 368-8677

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com