Four out of ten Americans believe they do not require a Last Will and Testament, despite recognizing the significance of estate planning. Caring.com’s annual Wills and Estate Planning Study unveils insights into this paradox, revealing that 40 percent of respondents feel their assets are not substantial enough to justify creating a Will. The Los Angeles attorneys at Schomer Estate & Wealth Advisors delve into further findings from the survey, emphasizing the necessity of having a Will regardless of one’s estate’s monetary value.
What Is the Wills and Estate Planning Study?
The 2024 Wills and Estate Planning Study, conducted annually by Caring.com since 2015, in collaboration with YouGov, interviewed 2,481 adults about their estate planning attitudes. Despite acknowledging the importance of estate planning, the survey reflects a decline in the percentage of Americans with an estate plan, dropping to 32 percent in 2024, the first decrease since 2020. Notably, lower-income individuals experienced a 16 percent decline in estate planning rates, while young adults aged 18-34 maintained stable rates.
Survey Explores Reasons for Not Having a Will
Why do people abstain from creating a Last Will and Testament? While 64 percent of Americans deem having a Last Will and Testament crucial, less than 32 percent actually possess one. Nearly half (40 percent) of respondents without a Will cite insufficient assets as the reason, indicating a 14 percent rise from the previous year. Strikingly, among those citing lack of assets, 35 percent are parents with minor children.
Discrepancies between Beliefs and Actions
Discrepancies between beliefs about estate planning and actual execution become apparent. Although 36 percent of Americans believe one should have a Will by age 35, only about a quarter do. Moreover, while 64 percent consider having a Will important, one in four lacks one.
Barriers and Motivations
A quarter of Americans without a Will express no intention of ever creating one; however, 40 percent would consider making one during a health crisis, while others wait for significant life events such as marriage, family expansion, or retirement to prompt them.
Positive Trends and Demographic Variances
The survey brings some positive trends, with increased estate planning rates among young adults and Black Americans. Additionally, higher-earning and higher-educated individuals are more likely to have an estate plan. For instance, nearly one-third of those earning over $80,000 annually cite family expansion as a motivator for making a Will, compared to just 10 percent of those earning $40,000 or less.
The Importance and Benefits of Having a Will
The benefits of having a Will extend beyond asset distribution, including designating guardians for minor children, averting family disputes, appointing an Executor or Trustee, and providing peace of mind for oneself and loved ones. Thus, having a Will is essential for everyone, irrespective of asset value, ensuring that your wishes are honored and loved ones cared for appropriately.
The findings from Caring.com’s 2024 Wills Survey shed light on the complex dynamics surrounding estate planning in America. Despite widespread acknowledgment of its importance, there remains a significant gap between belief and action. Understanding the barriers to creating a Will, addressing misconceptions, and highlighting the benefits of having a Will in place are crucial steps in promoting better estate planning practices across all demographics.
Are You Ready to Create Your Last Will and Testament?
For more information, please join us for an upcoming FREE seminar. If you are interested in creating a Last Will and Testament, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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