Health crisis leads to younger people considering estate planning
The ongoing health crisis has been challenging to people in South Carolina and throughout the nation. Despite the struggles experienced personally, financially and professionally, there may have been some positives from the realization that it is important to be protected and to protect loved ones. Estate planning is a fundamental part of that many, to their detriment, tend to ignore. Younger people are especially vulnerable to kicking the can down the road. The pandemic has sparked a growing number to consider their estate planning options. People of any age who have yet to craft of update their plan should understand its importance and act accordingly.
Survey shows rise in estate planning for young adults
A survey conducted by a referral service for seniors says that younger people are moving forward with estate planning during the pandemic. Around 2,500 people across the nation took part. The study is done annually. It found that people have a different perception as to the importance of estate planning because of the pandemic. In 2020, the number of people who have a will rose by 63%. There was a surprising age disparity in people who have a will with those under 35 having a greater likelihood of creating one than people 35 to 54.
Nearly 50% of those categorized as younger adults said the pandemic influenced them to look more deeply into estate planning options. Even with this increase, around two-thirds of people do not have a will. They say it is generally due to procrastinating. Positively, Blacks (6.2%) and Hispanics (12%) are taking the time to create a will with greater frequency. Regarding income, people who make less than $40,000 are not as likely to make a will when compared to those with higher incomes. People who earn between that amount and $80,000 and made a will rose to 39% from 33%.
Estate planning may be vital to protect loved ones
Regardless of a person’s circumstances, it is a beneficial step to have at least a basic estate plan. This can dictate how assets are allocated, what will be done in case a person becomes incapacitated, detail who will care for children and more. Wills, trusts, a health care power of attorney, a durable power of attorney and a living will are just some of the aspects of an estate plan that should be considered. For advice and help, having legal representation can be imperative. Calling for guidance on estate planning tailored to a person’s individual situation is key.