In recent estate planning news, a decline in the number of Americans with wills has raised concerns among financial experts and policymakers. A recent survey by Caring.com reveals that only 32% of Americans currently have a will—down 6% from last year. This trend is attributed to economic uncertainty, inflation, and misunderstandings about who needs an estate plan. Financial pressures, especially among lower-income Americans, are a significant factor, with many feeling they don’t have enough assets to justify estate planning. Nearly 40% of respondents without a will reported that they felt estate planning wasn’t necessary due to limited assets—a perception especially prevalent in lower-income households, where the estate planning rate has declined by 16% since 2020. Additionally, inflation has discouraged many from prioritizing long-term planning, as rising costs impact immediate financial goals.

On the other hand, some groups are bucking the trend. Younger adults (ages 18-34) have shown increased engagement, with a 50% rise in estate planning among this age group since the pandemic. This shift reflects heightened awareness and the growing influence of digital estate planning options, which make it easier and more affordable to create legal documents like wills and trusts. This demographic has cited family growth and financial stability as key motivators for securing their affairs.

These findings underscore a growing need for public education on estate planning. Experts point out that a will can provide essential protections beyond asset distribution, including guardianship instructions for minors and decisions about digital assets and healthcare. Patrick Hicks, General Counsel at Trust & Will, emphasizes that everyone over 18 should have a plan, regardless of asset size, as it brings control and security over one’s legacy and family’s future.

This recent survey serves as a reminder that estate planning should be a priority for everyone, not just the wealthy, as it addresses not only financial distribution but also critical personal and family decisions.