Investment News’ recent article entitled “Procrastinating Americans putting off estate plans, says D.A. Davidson survey” says 34% of adults in the U.S. have an estate plan, according to a survey released recently by D.A. Davidson & Co. 37% of respondents also said they didn’t have a plan at the ready because they felt they didn’t have a large enough estate to warrant one. Procrastination came in second place, with 32% of those surveyed saying they simply “haven’t gotten around to it.”
The survey also showed that 20% of respondents who actually created estate plans haven’t updated them in the last five years.
Consulting an experienced estate planning attorney has a positive effect when it comes to creating an estate plan. The survey said that the number of those having a plan jumped from 18% to 56%, if they worked with a professional at some point.
The survey showed those who have worked with a professional also feel more confident and prepared discussing their estate plan and end-of-life wishes than those who have never worked with one, the survey showed.
In terms of gender differences, 72% of the women surveyed don’t have an estate plan compared to 59% of men. This spread should narrow as the wage gap closes between male and females.
A married couple will typically pass their full estate to the surviving spouse. Statistics show that the surviving spouse is likely a woman, and she will then need to pass her remaining estate to the next generation. That can be complicated, with things like family dynamics playing a major part.
While it’s critical for both spouses to have an estate plan, women are more likely to need long-term care because of longer lifespans.
A well-drafted estate plan can manage a woman’s assets and affairs, in the event she’s ever unable to do so.
Reference: Investment News (Oct. 11, 2022) “Procrastinating Americans putting off estate plans, says D.A. Davidson survey”
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