Wills. They're never fun to think about. And only 31% of adults in this country have one, even though most know they're important, according to a recent survey.

Why aren't they more common? The thought of death isn't the deterrent for most people, research shows. Far more of us blame procrastination or think we don't have the assets to warrant a will, according to the survey, commissioned in January by the online platform Trust & Will.

But some just don't know where to start. So let's review a few basics.

•   Generally speaking, if you die without a will, your assets may be frozen while the court system examines what you've left behind. Then your assets are distributed to your heirs according to the laws in your state — a process that can take awhile. This can be particularly risky if your intended beneficiaries aren't related to you. And it may create a logistical nightmare if you have multiple heirs and just one house.

•   Naming beneficiaries to your 401(k) or life insurance policy only covers those specific assets. A will provides directions for the rest of your assets, including real estate, your bank accounts, and family heirlooms.

•   An estate plan is more comprehensive than a will. It can include determining guardianship of children and assigning power of attorney.

•  There are also options, such as transfer on death deeds. 

So what? Just 26% of Gen X, 22% of Millennials and 15% of Gen Z have wills. Even baby boomers aren't all that prepared, with only 44% having one.

No matter how old you are or how much you own, it's worth careful consideration. Just like life insurance, a will isn't about you — it's about protecting your loved ones. And having one is as much about their peace of mind as it is yours.