How Many People Don’t Have A Will In 2020?

March 12, 2020

Every year Caring.com conducts a study to determine where people’s minds are at with regard to estate planning. There are many different questions asked inside this survey that it typically involves more than 2,400 people.

But one of the most important is to determine who already has an estate plan in place. For middle-aged Americans with a will, the study found that there has been a near 25% decrease for people who have this most important and vital estate planning documents.

In 2017, older and middle-aged Americans who participated in the survey reported that over 40% of middle-aged and older Americans reported that they had a will. But only 32% had that same document as shared in the 2020 survey. This is a significant decrease in the number of people who have critical estate planning documents, like a health directive, a living trust, or a will.

The lack of these important documents can be alarming for any family, since estate planning helps to establish multiple goals. A will is also your opportunity to name a person who will be responsible for caring for your minor children or making decisions about your health if you become incapacitated or are unable to do so. The study also found that for Americans earning more than $75,000, only 45% of them in that category had a will in place.

This is also problematic news given that a sudden incapacitation or death could have big consequences for your family and loved ones.        


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

The Bond Market Today: How Iran, Inflation, and Interest Rates Are Influencing Fixed Income

Geopolitical tensions and rising oil prices are influencing inflation expectations and interest rate outlooks. Explore how current bond market dynamics may affect investors. Global events ...

<p>The post The Bond Market Today: How Iran, Inflation, and Interest Rates Are Influencing Fixed Income first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Understanding Gift Tax Returns: What They Are, When to File, and What You Need to Know

Learn what a gift tax return is, when it must be filed, key tax implications, deadlines, and how adding children to assets may trigger reporting requirements. Understanding Gift Tax Returns: A Practical Guide for Individuals and Families Gift giving is often part of a ...

<p>The post Understanding Gift Tax Returns: What They Are, When to File, and What You Need to Know first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Donor Advised Funds: A Strategic Tool for Estate Planning, Tax Efficiency, and Multigenerational Wealth

Learn how donor-advised funds can support estate planning, reduce tax exposure, and simplify charitable giving for high-net-worth individuals and families. Donor-Advised Funds: Aligning Philanthropy with Financial Strategy For individuals and families focused on long-term wealth stewardship, charitable giving is often more than an act of generosity—it’s a strategic component ...

<p>The post Donor Advised Funds: A Strategic Tool for Estate Planning, Tax Efficiency, and Multigenerational Wealth first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>