New Survey Finds That Majority Believe Having a Will Is Necessary While Less Than Half the Population Possess an Estate Plan.
People are understandably conflicted when it comes to the end of life estate planning. We are forced to confront our mortality and consider the future of those we leave behind. It’s also a critical aspect of financial management and the long-term security of those that we love. It might be surprising to learn that according to a national survey by Caring, LLC only 4 out of 10 Americans today have an estate plan executed.
Fifty-seven percent of American adults do not have a will or a living trust. Also, millennials who have a will or living trust is very low. According to this survey, only 1 in 5 of 18-34-year-olds has an estate plan. The study, conducted earlier this year, asked 1,003 adults whether they have estate-planning documents in case of their death and the reason why not. 76% surveyed say that having a Will is very important, yet only 40% have one. And the top four reasons that Americans don’t have a Will are 50% haven’t gotten around to it, 22% believe they don’t have enough assets to leave to anyone, 6% think that they don’t know-how, and 6% say it is too expensive.
With the individuals interviewed, they say an aversion to end-of-life planning is not only founded in fear but also procrastination.