A recent Caring.com study reveals that 33% of Americans don’t have a basic will because they assume they don’t have enough assets to leave behind for other people. The study included the responses of over 2,600 American adults, looking at the attitudes and behavior of people from various backgrounds.
Only 33% of the respondents had a living trust or a will. 40% of respondents indicated they haven’t gotten around to it and the most common reason for failing to complete an estate plan was indeed, procrastinating, followed by those who think they don’t have enough assets to pass on to loved ones.
Highly educated Americans and high earners are most likely to say procrastination is their reason for not creating a will. A total of two out of three Americans who have advanced degrees have not gotten around to this either, but respondents with the lowest amount of income and those who don’t have any college education are using perceived lack of assets as a reason to procrastinate on their estate plan.
The truth is that many people do have assets and may need to cover other bases in their estate plan, such as naming a guardian for a minor child, or creating a power of attorney to allow someone else to make decisions on your behalf if you become unable to do so. Speaking with an estate planning attorney can help you clear up how simple or complex your estate plan should be and can give you a great deal of peace of mind about your future.