Those who have had a serious bout with the coronavirus (COVID-19) are 66% more likely to have created a will than those who did not get as sick, according to Caring.comโs 2022 Wills and Estate Planning Study.
COVID has accounted for more than one million deaths in the United States thus far.
MSNโs recent article entitled โMore Young Adults Are Making This Surprising and Smart Money Moveโ says that it may be even more surprising that the number of adults in the 18-to-34 age range who now have estate planning documents has jumped 50% in the pandemic era.
Nonetheless, many people of all ages continue to put off the process of creating this key estate planning document.
Two-thirds of Americans still donโt have a will.
Caring.com found that among those who donโt have a will, a third say they think they donโt have enough wealth to warrant one.
However, even if you donโt have an expensive home, a large IRA and other valuable assets to pass on, you can still benefit from creating a will.
Thereโs no minimum level of wealth needed to have an estate plan, and every adult should have a basic plan in place to care for their own needs and the needs of their family.
The Caring.com survey of more than 2,600 adults found thatโyou guessed itโgood old-fashioned procrastination is the primary reason people donโt create a will. About 40% admit to this factor.
Not surprisingly, the survey also found that those with higher incomes are more likely to put off getting a will due to procrastination.
Those people with lower incomes donโt prioritize a will because they donโt feel they have the assets to justify this important legal document.
To learn more about estate planning in the East Valley, Gilbert, Mesa and Queen Creek, schedule your free consultation with Attorney Jake Carlson by using one of the links above.
Reference: MSN (July 24, 2022) โMore Young Adults Are Making This Surprising and Smart Money Moveโ
