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Hard to Believe - 2 out of 3 Americans Don't Have Wills

Are you among the 68% of Americans that don't have a Will?

Despite all of the disastrous results that have been reported and posted online, a recent survey concluded that only 32% of Americans have a Last Will and Testament.

Caring.com's 2024 Wills and Estate Planning Survey found that this number is a 6% decline from the 2023 survey.

Why are the number of wills in decline?

 

“Many Americans may not understand all the different functions of an estate plan, as shown by the 35% of people who say they don't have a will because they don't have enough assets to leave anyone but have children under the age of 18.

 

The survey concludes that another reason for the decline is that the importance of estate planning has gradually worn off since the Coronavirus pandemic of 2020. However, this result is not consistent with all age groups. Since 2020, the number of young adults aged 18-34 with a will has increased by 50%, going from 16% in 2020 to 24% in 2024. During the same time, the rate of middle-aged and older adults with wills decreased by 7% and 10%, respectively. 

What events compel people to make Wills?

 

When asked what would motivate those without a Will to get one, the answers are startling:

 

                43% say a medical diagnosis or serious health concern.

                17% say the death of a loved one.

                21% say family growth or expansion.

                24% say purchase of a home.

                23% say retirement or some other age milestone.

                15% say upon being given an employer benefit and

                23% say that nothing would motivate them!

 

If you don't have a Will in Kentucky, what happens?

 

If you die without a Will in Kentucky, the inheritance of your assets will be predetermined by law that was passed in 1942. Despite the effort to permit a person's closest relatives to receive their property, unfortunate results can and do occur. For example, the assets of a man survived by his wife and parents would be divided half to the spouse and half to the parents without a Will. Also, the estate of a man who dies leaving a wife and minor children would be required to hold 50% of the assets in a guardianship account for the benefit of the children until each child is 18.

 

If these results seem unfair, they are. Protect yourself from unfair results. Call Fred Simon, Attorney at (502) 558-8576 for information on Wills and how one can benefit you.

 

Private, Up To Date and Smart, Legal Advice

The Law Office of Fred Simon is committed to answering your questions about Life & Estate Planning, Probate & Estate Administration, Bankruptcy Counseling & Representation, and Business Formations & Related Services legal issues in Kentucky.

We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.

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