Did you know that just 32% of Americans had a will as of 2024? This disturbing statistic comes from Caring.com, and it shows why National Estate Planning Awareness Month is so important. October has been designated as National Estate Planning Awareness Month to help encourage the millions of Americans who have failed to put a comprehensive plan in place for their future. While we are beyond the month of October, it is still important to address these concerns.
If you are one of those Americans, you are taking a huge risk. You can’t afford to continue to put off the date when you make your plan, so take advantage of the reminder the month of October provides to take control of your legacy sooner rather than later. You’ll be very glad you did.
Far too few Americans have put an estate plan in place
The Caring.com data is clear that only around a third of Americans have taken the most basic step in planning for their death. Sadly, this is a decline in the number of people who have prepared. The number of Americans with a will is down 6% from 2023 and only young adults between the ages of 18 and 34 haven’t experienced a decline in estate planning rates since 2020.
This year is the first since 2020 when the total number of people with an estate plan declined. This suggests that there was a heightened awareness of preparing for death and incapacity during the COVID-19 era, which isn’t a surprise given the nature of the global pandemic and the risk of death the virus presented.
Sadly, many Americans have actually put off making a will because they don’t feel they have a strong enough legacy to leave behind. A total of 40% of survey respondents said their reason for not making a will centered on the fact they thought they didn’t have enough assets to bequeath to someone to make it worthwhile and 35% said they thought they didn’t have enough to leave to anyone but their children. The 40% number is an increase in the number of people who think they’re not wealthy enough to make a plan, with 14% more adults citing the lack of assets this year compared with 2020.
Why everyone needs an estate plan
You might think that you do not need an estate plan because you aren’t rich and don’t have a lot of expensive assets. In reality, though, making a comprehensive estate plan is important for everyone. Here are a few key reasons why it is so essential to make a plan regardless of whether you have a lot of property to leave behind or not.
- You can make plans for your kids and pets: If you have children who are under the age of 18 or if you have pets, you should always have an estate plan even if you have virtually no assets to leave behind at all. That’s because you need to make arrangements for what will happen to those who are depending on you for care if you pass away or become incapacitated and you become unable to provide it. You can name someone in your will to serve as guardian of your children and take care of your animals and you can make an incapacity plan to ensure that there are provisions in place for your dependents if you become physically or mentally unable to provide for them.
- You can name who will be in charge of your estate: After you pass away, someone is going to need to manage the details of your estate. This includes doing things like notifying creditors and beneficiaries of your death and filing court paperwork to initiate the process of transferring your assets to your heirs and your beneficiaries. If you make a will, you can name the person who is going to serve as executor so you can make sure that the right person has been selected for this important job. If you do not do this, the court will have to appoint an estate administrator. That individual could be different from someone you would have selected yourself.
- You can prepare for incapacity: Making an estate plan is about more than just specifying who inherits, which is why you should take action to create one no matter how much you own. Your plan can also provide instructions for what happens if you become mentally incapacitated. You can approve or deny consent for specific kinds of life-saving medical care like the use of a feeding tube. Or you can take steps to protect the assets that you do have in case you must go into a nursing home.
Without a will or other plans in place, default rules are going to apply to your situation that may result in different outcomes from what you would have preferred. Your loved ones are also more likely to be put in a difficult position where they don’t know what your preferences would have been for things like extraordinary medical interventions. You don’t want this for yourself, or for your family. You need to address the important issues that will be raised by your death and you should do it before it is too late as you never know exactly when something could happen to you.
If you are ready to take action in light of National Estate Planning Awareness month, The Edwards Law Firm can help. Our Jacksonville and surrounding areas of Northeast Florida estate planning firm can provide the comprehensive advice and support you need to make a plan that provides for your loved ones and protects your legacy. We’ll walk you through every step of the estate planning process to put the right tools in place to achieve the goals you have for yourself and your loved ones after your death. Give us a call at 904.672.7600 or contact us today to learn more.
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