Do I need an estate plan? Or maybe you think you don’t. Well, think again!…
Did you know that young adults are more likely to have a Last Will and Testament?
According to a wills and estate planning survey conducted by Caring.com, 18- to 34-year-olds are more likely to have a will than 35- to 54-year-olds. When polled, 26.8 percent of 18- to 34-year-olds said that they have their estate planning documents in place compared to 22.5 percent of 35- to 54-year-olds. Since this survey began in 2015, this is the first time that 18- to 34-year-olds are more likely to have a will than 35- to 54-year-olds!
Approximately 35 percent of the 18- to 34-year-olds polled said that the coronavirus pandemic motivated them to create their estate plan. However, the COVID-19 pandemic did not motivate all age groups to have their estate planning documents in place. The survey found that people aged 35 and older with estate planning documents in place decreased in 2021. The number of 35- to 54-year-olds with a will declined by 39 percent since 2019 and the number of people age 55 and over with a will decreased by 27 percent.
Despite the 63 percent increase in the number of young adults with a will than before the coronavirus pandemic, the overall percentage of Americans with a will has declined over the last few years.
When asked why they did not have a will, most people polled indicated that they “haven’t gotten around to it” or they “don’t have enough assets”. Other respondents indicated that they “don’t know how to get a will or living trust” or that an estate plan “is too expensive to set up”.
A Last Will and Testament is a very important legal document that indicates who you want to inherit your assets and who you want to administer your estate. Your Last Will and Testament also permits you to provide for your loved ones in a protective way.
When implementing an estate plan, it is important that young adults wishing to obtain a Last Will and Testament consult with and retain an experienced estate planning attorney. The attorneys at Russo Law Group, P.C. are experienced, compassionate, and knowledgeable. Please contact us if you would like us to assist you with your estate planning needs.