A recent article published on CNBC.com highlighted a surprising trend: although the Covid-19 pandemic has greatly increased awareness and conversations regarding estate planning, Americans are still not taking action, with 67% of Americans without any estate plan according to sources cited by the CBNC.com article. See This article will summarize the CNBC report on what Americans are missing and how to get started on planning for the future.
What does the research show as the reason why 67% of Americans are leaving what happens to them and their assets in the case of disability or death up to others?
- A study from Caring.com showed that the main reason for the apathy toward estate planning is just procrastination (approx. 40%).
- Meanwhile, about a third of respondents didn’t think they had enough assets to pass on to their loved ones, and about 10% said that estate planning was too expensive or that they didn’t know how to get a will.
How has Covid impacted estate planning motivation?
- Those who have had a serious case of Covid are 66% more likely to prioritize estate planning. See
- 41% of people age 18-34 report seeing more need for estate planning after the pandemic.
- Even with Covid providing increased motivation, there are opportunities to do better: the Caring.com study found that only 48% of people who had severe Covid have an estate plan in place.
What is the recommendation from the CNBC report on how to get started on estate planning?
- The first step is to become as informed as possible and consult with a financial advisor or estate planning attorney.
- For those with fewer assets, online resources may be useful for planning.
- California Residents – With online resources, be sure to confirm whether they are valid and binding in California
CONTACT THE LAW OFFICE OF DAVID KNECHT TO GET STARTED ON ESTATE PLANNING
If you need help getting started on estate planning, or if you are looking to update or expand on work already completed, contact the Law Office of David Knecht. We have extensive experience with estate planning in California. Contact us at 707-451-4502 for more information.
