Middle-aged people in Michigan and around the country may be procrastinating on estate planning more than Generation Z, according to a 2021 survey. It found that, for the first time ever, people in the 35- to 54-year-old age group are less likely to have a will than people in the 18- to 34-year-old age group.
Concerning trend for middle-aged adults
The Caring.com survey is an annual questionnaire that asks adults in different age brackets about their estate planning documents. The 2021 survey found that the youngest adults took estate planning very seriously in 2020, possibly due to the events of that year. In 2019, only 18% of younger adults had estate planning documents, but that number rose to 27% in 2020.
There was a much different trend among middle-aged Americans in 2020, according to the survey. While 39% of middle-aged survey respondents had estate planning documents in 2019, only 23% had them in 2020. Some people have called this trend concerning since so many middle-aged people have children.
Older adults are still the most prepared
People over the age of 55 are still the most prepared age group in terms of estate planning. However, the survey found a drop in estate planning among this age group as well. In 2019, 60% of older Americans had estate plans, but in 2020, only 44% had estate plans.
Why don’t people write a will?
Any estate planning professional will tell you that even the simplest will is better than having no will at all. However, just 33% of Americans have this basic estate planning document. According to the Caring.com survey, most people who have no will say that they just haven’t gotten around to it. If you are one of those people, today might be the perfect day to start working on your estate plan.