Poll Indicates that Estate Planning is on the Decline in the United States

According to a surveys by Lawyers.com, the number of Americans with some type of estate planning document dropped from 64% in 2007 to 51% in 2009.  Of this 51% surveyed, only 35% reported that they have a will.

The following, taken from Lawyers.com, Lawyers.com Survey Reveals Drop in Estate Planning, Feb. 25, 2010, indicates that the percentage decline fro, 2007 to 2009 is due in part to poor economic conditions:

• Seven in ten Americans (71 percent) believe that given today’s economy, it is more important to focus on saving money for immediate needs than long-term planning of their estate. 
• Nearly three-quarters of Americans (73 percent) agree that the current economic downturn has made it even more difficult for them to plan for their future. 
• For Americans who do not have any estate planning documents, 44 percent cite a greater focus on the "essentials" (e.g. paying bills, buying groceries, etc.) as the reason, 31 percent cite it's not a top of mind concern right now, 11 percent don't believe it is necessary and 9 percent believe it takes too much time to create one. 
• One in five Americans (20 percent) that do not have estate planning documents report that this is because they believe their spouse and/or children will automatically receive any assets, and 19 percent feel it is too expensive.

Special thanks to  Hani Sarji (LL.M. in Tax candidate at New York Law School) for bringing this to my attention.