Did you know the number of young adults with a Will increased by 63% since 2020?
In 2021, 18-34 year-olds are, for the first time, more likely to have a will than 35-54 year-olds according to a recent survey by Caring.com.
The COVID-19 Pandemic has changed the nation’s perspective on many things, and estate planning is one of them.
Caring.com’s 2021 Wills and Estate Planning Study found that middle- and older- aged adults are less likely to have a Will now than they were just one year ago, while younger adults are 63% more likely to have one this year than they were pre-pandemic. The younger generation was also the most likely to cite COVID-19 as the reason they started taking estate planning seriously.
In many ways, the pandemic forced Americans to consider a new perspective on estate planning. Many younger Americans had delayed creating an estate plan by thinking that ‘estate planning was only for older people and not relevant for young, healthy people.’ The unknown aspects of COVID were an unexpected shock that helped many younger Americans realize that estate planning is important because you can never know what the future may bring. Having a plan in place is one easy task to protect yourself and your family from otherwise uncontrollable risks.
To demystify estate planning and help people better understand the process, Caring.com partnered with YouGovAmerica to conduct a survey of 2,500 Americans to determine who is engaging in estate planning, and why or why not. Since 2015, Caring.com has been conducting surveys to help raise awareness of the importance of estate planning, especially among people that may not feel that they have the resources or tools needed to create a Will or living trust.
The surveys found, that while the COVID-19 pandemic increased people’s desire to get a will (35% saw a greater need), the overall percentage of people with a Will did not change, and 2 out of 3 people still don’t have their crucial estate planning documents. Here are some info graphics you may find interesting.
The Importance of Estate Planning
Besides procrastination, Americans are increasingly citing a lack of understanding about how to get a Will as the main reason they don’t have estate planning documents.
Since 2017, the percentage of people who say they don’t know how to get a Will has increased by 90% (from 4% to 7.6%). In 2019, about half of all respondents who don’t have a Will said that they “just hadn’t gotten around to it.” In 2021, that number has shrunk to only 34%.
What You Should Know About Estate Planning
While the data shows that the majority of people believe estate planning is important, the comparatively low number of people who actually have documents in place indicates a lack of education and familiarity with the process, among other reasons.
Here at Tacoma Elder Care, educating people about the importance of having a plan in place for the future is of utmost importance. There are three main components to having a plan, and whether you are 21 or 61, all of them are important. They are: Wills, Trusts, and Advanced Directives. To learn more, we highly encourage you to schedule a consultation with Bob Michaels who can walk you through all your options based on your budget and life situation. Starting the conversation is the first step!
You can also read more about Wills, Trusts and Advanced Directives, on our website.
Learn more about the survey at: https://www.caring.com/caregivers/estate-planning/wills-survey/
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob specializes in helping folks build a long-term care plan based on their circumstance. If you are considering a long-term care plan, schedule your appointment today!