As estate planning attorneys, we encourage people to take the correct actions to protect their loved ones. With this in mind, we are very interested in surveys that are conducted to gauge the estate planning preparedness of American adults.
Caring.com has been compiling statistics on an annual basis. They have released their findings for 2021, and the results are very interesting.
Pandemic-Fueled Surge
The researchers had a new angle to explore this year because of the COVID-19 situation. They asked respondents if the pandemic had moved them to create wills or trusts.
They broke the respondents up into segments based on their ages. The youngest group is comprised of people that are between the ages of 18 and 34, and 45 percent of these folks answered in the affirmative.
For individuals in the 35 to 54 group, the figure was 35 percent, and 28 percent of people over the age of 55 were motivated by the novel coronavirus. These numbers should be assessed in light of the fact that more people in the oldest age group already had estate plans in place.
This being stated, the overall preparedness among the elders is just 44 percent, which is a steep decline over the 60 percent that had plans in place in 2019.
At this point, the youngest group is more prepared than the 35 to 54 crowd. The survey found that 26.8 percent of 18 to 34-year-olds had plans in place, and this is a nice increase over the 2020 figure of 16.4. For the next oldest group, the preparedness number was just 22.5 percent.
Parents of Dependent Children
It’s good to see some upward movement among the youngest adults, because some people within this group are the parents of dependent children. The same dynamic applies to the 35 to 54 group, but their preparedness has gone from 37 percent to a mere 22.5 percent over the last three years.
A lot of people think that estate planning becomes relevant when you attain senior citizen status, but in a real sense, it is more important for younger adults that have dependents. An worksheet access page and follow the simple instructions.
Need Help Now?
If you already know that it is time for you to work with an attorney to put a plan in place, we are here to help. You can send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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