How to Get Started on an Estate Plan
The Covid-19 pandemic has heightened Americans’ awareness regarding the importance of preparing a will, living trust, or comparable end-of-life documentation.
According to a recent CNBC article referencing data from senior living referral service Caring.com, only one-third of Americans have implemented these plans. This means approximately 67% of the population has not addressed what will happen to their assets or themselves in cases of disability or death, leaving such decisions to others or state law.
Why People Delay Estate Planning
The survey identified several reasons people postpone estate planning:
- Procrastination: 40% of respondents simply haven’t gotten around to it
- Asset concerns: 33% believe they lack sufficient assets worth planning for
- Cost perception: 13% view the process as too expensive
- Knowledge gap: 12% don’t know how to obtain a will
COVID-19’s Impact on Planning
Those who experienced severe COVID-19 cases showed significantly higher engagement with estate planning – 66% more likely compared to those without serious illness. Notably, about 41% of individuals aged 18-34 now recognize greater need for wills or estate documents following the pandemic’s onset.
However, even this wake-up call proved limited; only 48% of people who had severe COVID cases have actually completed estate plans.
Getting Started
The critical takeaway: you needn’t possess substantial assets to determine where your property goes upon death or to specify preferences regarding end-of-life care decisions. Education and consultation with experienced estate planning attorneys provide valuable starting points.
If you or a loved one needs assistance with estate planning, do not hesitate to contact The Stegall Law Firm for support.
