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New Research Reveals Nearly 25 Percent Decrease in the Number of Older and Middle-Aged Americans With a Will

Caring.com’s 2020 Will and Living Trust Survey Shows a Decline Among Adults With an Estate Planning Document Over the Last 3 Years and Highlights a Lack of Education as an Underlying Issue

CHARLOTTE, NC; Mar. 2, 2020 — Caring.com, a leading senior care referral service with Family Advisors nationwide, has announced key findings from its annual Will and Living Trust Survey. The latest study includes feedback from 2,400 Americans and was used to examine which groups are more likely to engage in estate planning as well as their underlying reasons for having or not having a will. The survey is an ongoing effort to raise awareness about the importance of estate planning, especially among those with limited knowledge and access to resources.

Results from the survey show a significant change, over a three-year period, in the number of older and middle-aged Americans with a will. In 2017, 42% of respondents reported that they had a will or similar document. However, the 2020 survey shows only 32% having one or more documents. This is almost a 25% decrease in the number of people with a will or living trust.

One consistent finding from the research is that race is still a key indicator of those more likely to delay or ignore the need to create a will. Both Caucasians and African Americans are more likely to cite simple procrastination as the reason for not having a will than Hispanics. In contrast, more Hispanics are saying that they either don’t know how, or it’s too expensive to get a will. Additionally, nearly 2 out of 3 Caucasians believe that getting a will is important, but only about half of all Hispanics say the same.

“The significant increase among Americans without a will, living trust or health directive should be alarming for any family,” says Patrick Hicks, Head of Legal at online estate planning company Trust & Will. “Estate planning not only helps to protect assets, but it’s an important process to ensure who will care for minor children or make decisions about your health if you become incapacitated.”

Based on past studies, people with a higher income are also more likely to have an estate planning document. Last year, 61% of people making $75,000 or more had a will. Yet, this year shows just 45% of Americans at that income level with an estate planning document.

Since 2015, Caring.com has conducted the wills survey to help educate families and increase awareness about the estate planning process. The organization partnered with YouGov to survey over two thousand Americans and analyze the results. To review key findings from the survey, including infographics and estate planning basics, visit https://www.caring.com/caregivers/estate-planning/wills-survey/.

 

For a complete list of upcoming seminars, visit our website at www.davidwingate.com.

Peace of mind is only a call or click away! For an Initial Consultation call Estate and Elder Planning by David Wingate at (301) 663-9230 or visit www.davidwingate.com

David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate. The Estate and Elder Planning office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick, Washington and Montgomery Counties, Maryland.

Notice: this Blog is published as a free service of the Estate and Elder Planning by David Wingate. The information is for general informational purposes only and does not constitute legal advice. For specific questions, please consult with one of our experienced attorneys. We encourage you to share this newsletter with anyone you think may be interested.

 


 

 

For a complete list of upcoming seminars, visit our website at www.davidwingate.com.

Peace of mind is only a call or click away! For an Initial Consultation call Estate and Elder Planning by David Wingate at (301) 663-9230 or visit www.davidwingate.com

David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate. The Estate and Elder Planning office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick, Washington and Montgomery Counties, Maryland.

Notice: this Blog is published as a free service of the Estate and Elder Planning by David Wingate. The information is for general informational purposes only and does not constitute legal advice. For specific questions, please consult with one of our experienced attorneys. We encourage you to share this newsletter with anyone you think may be interested.

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