The pandemic has changed how many of us view our priorities. And that includes whether to craft a will.
In fact, those who have had a serious case of COVID-19 are 66% more likely to have created a will than those who did not get as sick, according to Caring.com’s 2022 Wills and Estate Planning Study.
But perhaps more surprising is the fact 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.
Still, many people of all ages continue to put off the process of creating this key estate-planning document. Two-thirds of Americans still do not have a will.
Caring.com found that among those who do not have a will, 1 in 3 people say they do not have enough wealth to warrant one.
Patrick Hicks, general counsel and head of legal at the online estate planning platform Trust & Will, tells Caring.com that such a belief is misguided:
“Even if you don’t have an expensive home, a large IRA, and other valuable assets to pass on, you can still benefit from creating a will or living trust. There is no minimum level of wealth required to have an estate plan, and every adult should look to 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 that simple procrastination is the chief reason people don’t create a will, with 40% admitting to this factor.
Not surprisingly, the survey found that those with higher incomes are more likely to put off getting a will due to procrastination while those with lower incomes do not prioritize a will because they don’t feel they have the assets to justify such a document.
Are you considering a will? Rocket Lawyer can help you craft a last will and testament.
Also, check out “8 Documents That Are Essential to Planning Your Estate.”