When you don’t know where else to turn, look to the facts. Cold, hard, unflinching facts and statistics. As long as you understand the details behind the statistics and agree with the methods used, they can give you great insight into a situation. So today, we’re delving into some estate planning statistics that reveal how Americans are choosing to tackle (or ignore) their estate plans. Hopefully, these sobering facts will help you reflect on the state of your own estate plan (or lack thereof) and encourage you to make good choices now and in the years to come.
Estate Planning Statistics
Ready to face the facts? Let’s get to it!
- About 55% of American adults do not have a will (source).
- Only 75% of Americans over the age of 75 have prepared a will (source).
- About 92% of American adults under the age of 33 don’t have a will (source).
- Of the Hispanic population, 74% of adults don’t have a will. Of the black population, 68% of adults don’t have a will. Of the white population, 48% of adults don’t have a will (source).
- Of households with children, 50% do not have a will (source).
- Of the 45% of American adults that have a will, only 10% prepare a trust (source).
- When asked why they have not made estate planning a priority, 18% said that it was not necessary (source).
These facts are alarming because, as I hope you already know, estate planning is incredibly important. Whether you’re old or young, rich or poor, all adults should have an estate plan and update it regularly. Why? Well, for one thing, estate planning doesn’t only involve assets and estates. An estate plan helps people plan for end-of-life medical care, the guardianship of their children, and even funeral arrangements. It isn’t just about you and your finances; it’s about ensuring the best possible future for your family members and loved ones. The Internet is filled to the brim with helpful estate planning resources, making it easy for anyone to learn more about this essential process. If you don’t know when to update your estate plan, simply check out this previous blog post. If you’re afraid that you’re making some basic estate planning mistakes, head over to this previous blog post. See? With one click of the mouse, you’re on your way! Learning about estate planning for the first time can be overwhelming, so take it step by step. It’s easy to ignore estate planning, but if you ignore it, you will inevitably regret it. Start browsing the Internet or stop by your local library for more helpful information. And of course, we highly recommend that you visit an attorney to have all of your estate planning questions and concerns answered by someone with experience, someone you can trust. The Internet can be a wonderful resource, but it’s also filled with lies, miscommunications, and ignorance. When you’re ready to begin the estate planning process, turn to a professional. If you need help creating your estate plan and you live in southwest Missouri, contact the attorneys at Parks & Jones. We would be happy to help you build or update your estate plan. Give us a call at 417-823-9898 or click here to schedule a free consultation.