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What Is Your Excuse?

Caring.com completes 2020 estate planning and wills survey 

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Talking about death - making plans about your death - is not a favored topic especially amongst younger people.  Even with the quick arrival of COVID 19 and the fears of death, the 2020 Estate Planning and Wills Study concluded that completing legal paperwork is down by 25% since 2017!


Let me say that again - estate planning is less popular than it was!!  The number of adult Americans who have a will or another type of estate planning document has decreased by about 25% since 2017.


To top it off, older and middle-aged adults with such documents dropped by 20% and 25% since 2019, respectively!


The polls shows that a growing number of people lack the information and the resources to write a will.  The Hispanic commuity is highest demographic.  In 2020, 200% more Hispanics said they "don't know how to get a will".  


Estate planning is very important but it is also viewed as difficult and unpleasant.  People put off the task.  HOWEVER, the situation you would leave your loved ones in if you don't have an estate plan in place is far more difficult.  
black and white photo of extended family reminding us we all die
 When the survey asked the 2400 Americans why they have not completed some planning, an increasing number said that they didn't know how and/or the high cost of doing it.  About 60% said that they believe it is very or somewhat important, the number of people who haven't yet thought about if it is important to them increased by 12% since 2019.

In 2020 30.4% said they don't have enough assets to make it worth leaving to anyone.  The data shows that as one's income increased, the likelihood of having a will, living trust, or advance care directive also increases.  But the number of people who have estate planning documents has decreased among all people - including those in higher income groups.  

In 2019 61% of people making at least $75,000 had a will.  But in 2020 just 45% of people in the highest income group said that they had one.  

Putting off the discussion and writing of the documents is not something that can just be put off until "later in life".  An unexpected death will have major consequences without the paperwork.  Once again I remind the reader that we don't know when we will die.  

When the survey asked by what age you should have a will, almost 1 in 3 participants said adults should have at least a will by age 35.  Yet only 8.2% of respondents between the ages of 18 and 34 actually have a will.  The conclusion is that they know they should have a will, they also may feel that they can put it off until later in life.

Talking to a loved one is an important and helpful step.  Almost 20% of the participants said that they have done so.  However, talking about death and estate planning isn't enough.  Only 1.6% of people said that they had actually filed paperwork to create a will.  

I urge you to learn and share with loved ones a few terms - wills, trusts, and advance directives.  Please go to www.caring.com or other sources that I have shared throughout my blogs.  You will be helping yourself and your loved ones.  Today - no more excuses!

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