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 contact form if you would rather reach out electronically.
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Don’t Forget to Update Your Estate Plan
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