Concerning Trend: Middle-Aged Americans Aren’t Performing Estate Planning
A recent survey from Caring.com and YouGov polled over 2,600 American adults, and discovered that for the first time, Americans between the ages of 35 and 54 are actually less likely to have a will in place than Americans between the ages of 18 and 34, a trend some would consider concerning.
Since 2015, Caring.com has conducted annual surveys to raise awareness about the importance of estate planning.
Approximately 27 percent of people polled between the ages of 18 and 34 responded that they had estate planning done while only 23 percent of people between the ages of 35 and 54 did the same, a number that was down from 37 percent two years prior. The oldest age group polled, consisting of people ages 55 and up, responded that only 44 percent had estate planning done.
While there is an increased realization among young people about the importance of estate planning (spurred in part, no doubt, by the COVID-19 pandemic), the number of people executing an estate plans has decreased. In fact, only 33 percent of all American adults now report having estate planning documents, compared to 42 percent five years ago.
For more information about the benefits of estate planning at all ages, contact an experienced Tampa, FL estate planning lawyer at BaumannKangas Estate Law.