A few years ago, the COVID pandemic made many people feel more urgently that they needed to have an estate plan in place. However, a recent news article suggests a decline in the percentage of Americans who have an estate plan.
Troubling statistics
According to a recent article in USA Today, a survey shows a 2% decrease this year in the number of Americans who reported having an estate plan from the number from last year. That was reportedly the first decrease noted since 2020 – when the numbers started to increase year-over-year, likely due the global health concerns of that year.
There could be any number of reasons for the decline, but most likely some of the usual reasons are surfacing: people don’t feel the urgency anymore with the decline of the COVID pandemic; people don’t think they have the assets necessary to justify a comprehensive estate plan; or people simply don’t care what happens to their assets after they die.
Of course, there is much more to estate planning than just figuring out who will receive your assets after you die. Most comprehensive estate plans also include documents that state your preferences for end-of-life care, for example, or for determining who can make financial or healthcare decisions on your behalf if you become incapacitated. Everyone has different goals and different financial and family dynamics to take into consideration when it comes to estate planning.
Taking the time to make an estate plan is important for everyone. Don’t become part of the recent trends if you think you’re ready to take this crucial step.
