Recently, Caring.com, in partnership with YouGov, released their annual Wills and Estate Planning Study for 2023, in which they found that only 34.1% of U.S. adults currently have a will.

The annual study, which highlights the differences in attitudes among various age, racial and socioeconomic groups in regards to estate planning, found that inflation has caused large shifts in views, and a disproportionately larger impact on those views of younger Americans.  The study found that 54% of young Americans (ages 18 to 34) say that inflation has changed their views on estate planning, only 32% of Americans aged 55 and older say the same.

The survey also asked respondents currently without a will what would motivate them to create one, with 41% citing that a health crisis would be the top motivating factor.  This shows that while American’s are seeing a greater need for estate planning, some may wait until it is too late to actually create their plan.

Overall, we see a significant disconnect between respondents’ views on estate planning and their actions.  While 64% of respondents say that it is important to have an estate plan, only 34% actually have one.  Similarly, 69% of respondents believe that one should have a will before age 55, yet only 46% of Americans aged 55 and over actually have a will or other estate planning document.

If you have any questions about estate planning, please contact Monaghan, P.C. to speak to one of our experienced estate planning attorneys.