How COVID-19 Affected Estate Planning in America
The COVID-19 pandemic has had a significant impact on the lives of people around the world. One effect of the pandemic, however, has led people to take a greater interest in estate planning so they can provide for their spouse or children.
Here are a few specific examples of how COVID-19 has impacted estate planning in the United States:
- 32 percent of adults between the ages of 18 and 34 got a will because of the COVID-19 pandemic and of that group, 21 percent did so because they knew someone who had COVID-19.
- 26 percent of all surveyed Americans who executed a will, did so because they were influenced by COVID-related concerns.
- Access to online meetings and estate planning tools increased over the pandemic as law firms had to get more creative with how they could serve their clients without in-person meetings. As a result, this made the entire process more accessible and attainable to younger working people.
There are still more than half of Americans without a valid will. In many cases this is because they are young and feel like they don’t need to worry about it yet, or because they feel that they do not have enough assets to make it worthwhile. Others are simply uncomfortable with the idea of considering their own mortality.
However, all Americans can benefit from estate planning, regardless of their age or wealth. For more information about how to proceed with planning your own estate, contact an experienced Tampa, FL lawyer at BaumannKangas Estate Law