81% of people over the age of 72 have a will. 45% of people over the age of 55 have a will. Younger people may feel that they have all the time in the world, they have nothing of value to leave behind, or that estate planning is unaffordable-but there are solutions for everyone.ġ4. It's best practice to begin planning your estate in your 30s and no later than your 40s. ( ) Estate planning statistics by demographicĮstate planning initiatives vary widely by age, race, and socioeconomic status. ![]() 41% of Americans with loved ones who had a serious case of COVID-19 have a will, compared to 29% who had no close experiences with severe COVID. Americans who dealt with a serious case of COVID-19 are 66% more likely to have a will. 32% of adults under 35 said they wrote a will because of the COVID-19 pandemic. Only 46% of will executors were aware of a will. 76% of people choose a family member to care for their pets. 24% of those pet owners designate someone outside of their family to care for their animals. 77% of pet owners designate a guardian for their furry friend. 18% of people don't know what an advance health care directive is. 60% of people without a will reported not taking any action to create a will and also haven't made a living trust or any other estate planning document. 52% of people don't know where their parents store estate planning documents. American retirees expect to transfer more than $36 trillion to their families, friends, nonprofits, and additional beneficiaries over the next 30 years. 41% of people between the ages of 18 and 34, and 34% of people between 35 and 54, have never discussed estate planning with anyone. Here are some other recent estate planning statistics from surveys of Americans:ġ. Of the estate plans made in 2021, 75.12% were wills, 18.78% were trusts, and 6.1% of people nominated a guardian for their young children. Must-read estate planning statisticsįifty-six percent of Americans believe that estate planning is important, but only 33% of adults in the U.S. ![]() Here are 49 estate planning statistics for a closer look at how common estate planning is among various demographics, why so many people don't have a will, the effects of pandemics and natural disasters on estate planning, and tips for making a will. ![]() Even if you're single with no dependents, a living trust and a will can ensure that you get to choose what happens to you and your possessions instead of the state. If you own any valuable assets-including a house, a car, or a bank account-or if there are people who depend on you, you should have an estate plan in place. Understandably, estate planning can be an uncomfortable topic to think about and even harder to talk about, but it is something you shouldn't postpone for too long.Įstate planning involves developing a comprehensive plan to help transfer your assets to the people or organizations of your choice upon your death. Learn which demographics are the most and least likely to have a will and why it's so important to share your end-of-life wishes with your loved ones.įor those who haven't made a living trust or created any estate planning documents, 60% report not making any effort to start. adults have created estate planning documents.
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