We have been following the annual Caring.com estate planning surveys that keep a finger on the pulse of preparedness. The 2022 survey has been completed, and the results have been released, so we will provide a rundown in this post.
Consistent Percentages
In 2021, there was a surge in the number of young adults between 18 and 34 that had estate plans in place. Most of the people that acted during that year stated that they were influenced by the COVID-19 pandemic.
The preparedness percentage went down by four points in the group comprised of people between 35 and 54, and the 55+ percentage decrease was also four points.
This time around, the overall numbers have remained relatively constant. In all, 33.1 percent of American adults have estate plans in place.
Drilling Down Deeper
People that have had serious cases of COVID are 66 percent more likely to have wills or trusts. Americans were also influenced by loved ones that fought battles with the coronavirus. Just over 40 percent of these folks had estate plans, so there were many wake-up calls.
Researchers asked respondents that did not have plans why they were unprepared, and 40 percent said that they simply haven’t gotten around to it. One-third stated that they did not have enough property to be concerned about, and 12 percent said they do not know how to proceed.
Thirteen percent did not act because they thought that it was too expensive, and six percent were frozen with inaction because they thought that it took too long to put a plan in place.
Professional Guidance
Most of the impressions above are complete misconceptions, and this is a major challenge in the estate planning community. If you are not an attorney in this field, why would you know how to create an estate plan?
As estate planning attorneys, we do not know how to fix our own cars, but that does not stop us from getting repair work done when it is necessary. You simply go to a professional when you are not in a position to handle the responsibility on your own.
With regard to the concerns about the fees, yes, there are some costs involved. However, a properly constructed estate plan can save your family a lot of money in the long run. Plus, you can make sure that your wishes are carried out if you have a professionally prepared plan.
It does not take very long at all to develop an estate plan, so this objection is based on another myth. If you’re concerned about time consumption, if there is no estate plan in place, your estate will be held up in probate for eight or nine months or more depending on the circumstances.
Relatively Young Adults
There are those that think estate planning is only important for senior citizens, but this is a dangerous perspective. If you have a spouse and children depending on you, where would they be if you passed away unexpectedly? This question is more profound if you are a single parent.
You should definitely have an estate plan in place as soon as there are people that you love depending on you. Even if you do not have a significant store of resources, there are steps you can take to ensure that there are safety nets in place.
Take Action Today!
There is no reason to go through life without an estate plan when professional assistance is just a phone call away. Each situation is unique, and there are different ways to proceed. When you choose our firm, we will gain an understanding of your situation and provide recommendations.
At the end of the process, you will emerge with a personalized plan that is ideal for you and your family. As time goes on, if revisions are necessary, we will be well-positioned to make the appropriate adjustments.
If you are ready to get started, you can schedule a consultation at our Westport or Glastonbury, CT estate planning offices if you call us at 860-548-1000. You can alternately fill out our contact form if you would rather reach out electronically.
Mr. McCann is licensed to practice before the courts of the State of Connecticut. He is a member of the American Academy of Estate Planning Attorneys.
Mr. McCann provides to his clients, trust and estate planning, and trust and estate administration services. Formerly, Mr. McCann was an adjunct professor of economics in the State of Connecticut Community College system, and a Commissioner of the Town of Simsbury Zoning Board of Appeals.
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