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The Law Office of Antoinette Bone, PLLC
Euless, TX
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last will and testament

Younger Adults Now More Likely to Have a Last Will and Testament

Posted on June 22, 2021 | by ahrenstech

A new survey has found that motivated in part by the coronavirus pandemic, younger adults are more likely to have a last will and testament than middle-aged adults. Nevertheless, the overall percentage of Americans with a will has dropped over the past several years.

Caring.com’s 2021 estate planning survey found that for the first time since the survey began in 2015, 18- to 34-year-olds are more likely to have a will than 35- to 54-year-olds, with 26.8 percent in the younger cohort saying they have estate planning documents compared to 22.5 percent in the older group. Some 35 percent of all 18- to 34-year-olds responded that they were motivated by COVID-19 to start the estate planning process, leading to a 63 percent increase in the number of young adults with a will than pre-pandemic.

The pandemic did not have the same effect on middle-aged and older adults. The survey found that the number of people aged 35 and up with estate planning documents went down this year, continuing a trend. The number of 35- to 54-year-olds with a will has decreased by 39 percent since 2019 and the number of people aged 55 or older with a will shrank 27 percent. While the overall percentage of respondents with a will in 2021 remains basically unchanged from 2020, the number of respondents with a will dropped from 40 percent in 2019 to 32.9 percent in 2021.

The most common reason respondents gave for why they did not have a last will and testament, was that they “haven’t gotten around to it,” (34.2 percent), followed by they “don’t have enough assets” (28.1 percent). The number of respondents saying they didn’t know how to get a will increased from 6.3 percent to 7.6 percent, but the percentage of people citing the expense as an excuse fell from 6.8 percent to 5.6 percent.

We can help you determine whether a last will and testament is right for you, and we can help draft additional supporting documents, like healthcare directives, to support your overall plan and make sure your wishes are carried out.

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To comply with the U.S. Treasury regulations, we must inform you that (i) any U.S. federal tax advice contained in this newsletter was not intended or written to be used, and cannot be used, by any person for the purpose of avoiding U.S. federal tax penalties that may be imposed on such person and (ii) each taxpayer should seek advice from their tax advisor based on the taxpayer’s particular circumstances.

Nothing in this message is intended to provide legal advice. This message is for educational purposes only.

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While my address is Industrial Blvd, we are actually on Clinic Drive. Look for the tall red Super Value Pharmacy sign. Whether coming from the North or the South, you will turn off of Industrial Blvd. onto Clinic Dr. Our building is located up the hill just past the Super Value Pharmacy at the far end of the building.

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