It’s safe to say most people believe that estate planning is important. In fact, 56% of American adults say they are on board with at least having a last will and testament drafted by a qualified attorney, according to statistics from LegalZoom. But in the same breath, did you know only 33% have actually followed through on those statements?
That means 67% of Americans don’t have a plan in place to protect their assets and loved ones.
As much as we believe in estate planning, it’s understandable why so many people delay expressing their end-of-life wishes in written form. After all, talking about death is uncomfortable — and sitting down to plan for it is even more overwhelming. However, estate planning is easily one of the more important decisions you will ever make for you and your loved ones and having that peace of mind that everything is taken care of can’t be overstated.
What Is Estate Planning?
An “estate” is everything you own, regardless of what position you think you are in financially. So when we use the term estate planning, we refer to the legal act of putting all your affairs in order and taking stock of everything you own so that your assets can be passed on to your chosen beneficiaries as efficiently as possible after you pass away. This can include vehicles, personal property, land and real estate, financial securities, business entities, cash, and other possessions and assets.
Christman Attorneys, PLLC, has valuable experience preparing simple estate plans for families and individuals. And depending upon your needs and circumstances, proper estate planning could involve much more than writing a will. We are here to help you assemble an estate plan that includes a revocable trust, living will, health care directives, powers of attorney, and other documents.
Estate Planning Statistics You Need to Know
LegalZoom compiled a list of 49 estate planning statistics for a closer look at how common estate planning is among different demographics, why so many people don’t have a will, how the pandemic affected estate planning, and more.
Please click here to read the full article and their reputable sources, but below are a few we thought were the most noteworthy.
Did you know …
- 32% of Americans have a will.
- 41% of people between 18 and 34 and 34% of people between 35 and 54 have yet to discuss estate planning with anyone.
- Retirees expect to transfer over $36 trillion to their families, friends, nonprofits, and additional beneficiaries over the next 30 years.
- 52% of people don’t know where their parents store estate planning documents.
- 77% of pet owners designate a guardian for their furry friend.
- 32% of adults under 35 said they wrote a will because of the COVID-19 pandemic.
- 81% of people over the age of 72 have a will, compared to 24% between 18 and 34 not having a will.
- 29% of Black Americans have. Will or estate planning document, representing a 12% increase from 2020.
- 63% of people who make more than $80K a year say they don’t have time to create a will.
- 205 of people who make less than $40K annually don’t believe they have enough assets to leave behind.
- 71% of American adults report that creating an estate plan would make them feel like a good parent or partner.
- 34% of people started estate planning due to the birth of a child, and 9% made it a priority after buying a home.
- 11% of people were spurred to begin estate planning after a loved one died.
- Parents with a college degree leave their families a $92K inheritance on average. Parents without a degree leave $76K on average.
Depending upon your needs and circumstances, proper estate planning could involve much more than writing a will. We are here to help you assemble an estate plan that goes beyond the last will and testament with a revocable trust, living will, health care directives, powers of attorney, and other documents.
Our attorneys will help you to create legal instruments to distribute your assets according to your wishes, nominate a guardian for minor children, minimize family disputes, avoid probate and estate administration, and plan for incapacity.
Start planning for the future today and protect your family’s assets with the help of our trusted estate planning attorneys. Our team is dedicated to creating peace of mind for our clients and their loved ones.
Please call Christman Attorneys, PLLC, for your legal needs today!
Please consult an attorney for advice about your individual situation. The material on this website and in this or any blog article we publish are for informational purposes only. They do not constitute legal advice. The attorneys at Christman Attorneys, PLLC, believe in tailoring legal advice and solutions to your own personal circumstances.
We have an unwavering commitment to helping our clients at each stage of their legal situation.