In the hustle and bustle of everyday life, it’s easy to overlook estate planning. However, the recent 2024 Wills Survey by Caring.com highlights a crucial reality: estate planning is more important than ever, yet fewer Americans are taking this vital step.
A Decline in Estate Planning
The survey reveals that only 32% of Americans currently have a will, marking a 6% decrease from 2023. This decline is the first since 2020 and points to a worrying trend, especially among lower-income households. Inflation and economic challenges disproportionately affect these groups, making them feel that they lack sufficient assets to justify a will. In fact, 40% of those without a will believe they don’t have enough assets to leave anyone.
Estate Planning for All Income Levels
It’s a common misconception that estate planning is only for the wealthy. In reality, every adult should have an estate plan, regardless of their financial situation. Wills do more than just distribute financial assets—they also allow you to designate guardians for minor children, outline your healthcare preferences, and manage digital assets.
A Changing Landscape
The survey also highlighted changes in estate planning across different demographics. Notably, estate planning among Black Americans increased by 19% since 2020, while it decreased among White Americans. Additionally, young adults aged 18-34 are now more engaged in estate planning, with a 50% increase in will creation since 2020.
Why You Should Consider Estate Planning Now
Estate planning is not just about wealth distribution; it’s about ensuring your wishes are honored and your loved ones are protected. Whether you’re just starting your career, growing your family, or planning for retirement, an estate plan provides peace of mind and clarity for the future.
At The Diamond Law Firm, we believe in the importance of estate planning for everyone. Our experienced attorneys can guide you through the process, ensuring that your plan reflects your wishes and protects your interests.
