Caring.com recently conducted its 2023 survey. The findings revealed participants’ concerns over inflation near or at the top of the primary motivation to move forward with an estate plan due to their perception of current economic conditions.
Conversely, the most alarming statistic shows that 25 percent of Americans asserting nothing would motivate them to start drafting documents for wills and trusts. Equally troubling is the 40 percent counterintuitively claiming that only their life being in danger would change their mind.
Among all nationwide demographics, two-thirds of United States residents lack any estate planning. Surprisingly, younger Americans are 63 percent more likely to have an estate plan than in 2020. While a worldwide pandemic may have spurred them to act, one out of three cite inflation as the motivator for an estate plan.
The clock is running. Inflation grew by 6.5 percent in 2022. Fuel and other necessities skyrocketed by 42 percent. Yet, the 2023 Wills survey reveals that 42 percent of all Americans cite procrastination as their reason for not establishing an estate plan.
A comprehensive approach
Planning for retirement is not enough. The financial and end-of-life components are vital. Nearly two-thirds of Americans have a retirement account, and more than one in three have an estate plan. Experts have seen an estate plan as one step, with financial planning as vital to providing a legacy for future generations.
Regardless of the economic climate, estate planning still requires proactive and thoughtful steps to ensure that legacies live on. Legal mechanisms can provide peace of mind for loved ones during difficult times.