40% of People Say They Don’t Have Enough to Make a Last Will – Law Office of Sean D. Ethington

Four in 10 people believe they do not have enough assets to make a will, according to a recent 2024 Caring.com survey of more than 2,400 individuals. This statistic reflects a common misconception that estate planning is only for the wealthy.
In reality, estate planning can benefit people across the economic spectrum. Estate planning involves more than passing on wealth, estate planning also encompasses planning for aging,illnesses or injuries, which can be unpredictable.Estate planning allows individuals to make crucial decisions, such as who will care for their children if they pass away or what kind of care they would prefer to receive int heir later years.
What Is a Will, and Why Do I Need One?
A will stands among the most basic of estate planning documents. In a will, you can specify who receives your possessions upon your death. This could include friends, family members, nonprofit organizations, or other entities. Having a valid will in place can help your loved ones avoid potential arguments over your assets, such as real estate or any items you had of sentimental value. If you have minor children, you can appoint someone you trust as their guardian. Likewise, you may put plans in place for your pets should you pass away.
More People Are Saying They Do Not Have Enough Assets
The Caring.com annual survey sheds light on Americans’ views about estate planning, highlighting them is conceptions that may delay or prevent them from planning.
From 2022 to 2024, the proportion of people saying they lack adequate resources to execute a will rose by21%. Compared with respondents with higher incomes, those with lower incomes were twice as likely to report not having enough assets to make a will. People with less education were also more likely to cite insufficient assets. 43% of respondents with a high school diploma or less education said they did not have a will because they did not have enough to leave anyone.
Interestingly, 64% of people surveyed said having a will is very or somewhat important. Despite this, only 32% have a will as of 2024(a 6% decrease from 2023). In 2024, 14% more adults also indicated a lack of assets as a reason for not having a plan.
Increasing prices of goods and necessities have placed financial strain on households and perhaps shaped views on estate planning as well.Some see rising inflation as a motivator for planning, while others see it as reducing the need for an estate plan because it magnifies their lack of financial resources.
One inf ive people saw a greater need for estate planning because inflation made them worry about their loved ones’ financial futures. Nine percent said they believe there is less need for estate planning because inflation reduced the value of their assets. Eight percent said they do not need a will because they have sold their assets to combat inflation.
Reasons for Estate Planning
While some never intend to create an estate plan, others delay planning, waiting for certain life events to take place. Approximately one in four Americans report that nothing would prompt them to get a will. Forty-three percent cited procrastination as there as on for not making a will.
Many Americans wait for medical diagnoses, major purchases, retirement, or family changes before they start estate planning. Forty-three percent of people surveyed said they would make a will after a serious medical diagnosis or health concern. About a quarter of people indicated they would start estate planning after purchasing a home or retiring. Seventeen percent said that the death of a love done would motivate them to start planning. While many people wait for a motivator to start estate planning, it can be challenging to predict when an illness, injury, death, or significant life change may occur. Being proactive and creating an estate plan in advance of life event scan offer a layer of protection.
Even if you think you do not have enough assets to make a will, there are many benefits to having an estate plan. An estate planning attorney can support you in creating a plan for the future that addresses your needs. They also can help you prepare advance directives such as powers of attorney, appoint a guardian for your minor children, and plan for long-term care.
For more information please contact the Law Office of Sean D. Ethington at 661-295-4604 or visit our website at www.ElderLawSite.com.