The annual Caring.com study is used to explore how many people have the necessary estate planning documents like a will in place. Despite the pandemic and many people having their attention brought around to the importance of proper estate planning, more people reported having a will in 2017 than those did in 2020.
In 2020, only 32% of Americans reported that they had at least a will or other estate planning documents compared with 42% of Americans in 2017. 2020 has been a very difficult year for many people and businesses. Focusing on the immediate steps in front of you can make it seem like it’s a better choice to put estate planning strategy and documents aside.
However, as this year has highlighted, there is no way to adapt to uncertain circumstances without having a full suite of estate planning documents including a will, a health care power of attorney, a financial power of attorney or even a living trust. To discuss which of these tools might be most appropriate for you based on your individual goals, schedule a consultation with a trusted estate planning lawyer.
Not having an estate plan could both impact you during your life, such as when you have no power of attorney in place and become disabled, or it could affect your family after you pass away when the state steps in to determine what happens to your belongings. In either case, you can make things easier on your loved ones by setting aside time to carry out your planning now.
Getting your estate planning documents doesn’t have to be complicated or take a long time and it can give you a great deal of peace of mind and an actual roadmap in the event that an unexpected issue emerges.