Can You Afford to Skip a Will in Your Estate Plan?

By |2020-03-24T14:40:48+00:00March 24th, 2020|Estate Plannning|

Do you have minor children? Do you have specific plans for pieces of your property that you want to pass to certain people in your family? Do you want to exclude other people from your estate? If any of these apply to you, you could benefit from a will.

The most recent Caring.com study incorporates survey responses from 2,400 Americans and looked specifically at whether certain groups of people are more likely to participate in the estate planning process as well as further understanding the possible reasons for not having or having a will. This study is conducted annually and the results from this year’s survey show a big change over three-year period in the number of middle aged and older Americans who have a will.

In 2017, for example, 42% of respondents said that they had a will or another document like it. In 2020, however, only 32% have one or more documents. This is a significant and alarming decrease of almost 25% when considering how many people could benefit from having basic tools like a living trust or a will. The study also found that those people who have a higher income were much more likely to have an estate planning document.

Of those earning $75,000 or more, 61% had a will in 2019, however. In 2020, only 45% of Americans at that same income earning level have an estate planning document.

Even if you think you’re not old enough or don’t have enough assets to benefit from estate tax savings strategies, you can still reap the advantages of putting together a will. A will is just one component- don’t forget that many tools can help you with issues like incapacity, too.

If you’re finally ready to get your estate plan in order, schedule a consultation today with a talented estate planning lawyer in Maryland.