Monday, January 4, 2021
"The Q4 Wells Fargo/Gallup Investor and Retirement Optimism Index shows that 34% of investors said they have a written will, 4% have written estate plans, and 17% have both. The report is based on a Gallup Panel web study of 1,709 U.S. investors, aged 18 and older, from Nov. 9 to Nov. 15."
The data shows that higher-income investors aren't any more prepared than other investors. However, wills and estate plans are more common as age increases. "The percentage with no preparations declines from 70% for investors under age 50 to 17% for those 65 and older."
There is also not a high level of communication between family members and heirs in regard to wills and estate plans. This is not surprising as talking about wills and estate plans involves talking about death and many try to avoid those conversations if possible.
As COVID-19 continues to affect the world, it is important to consider creating or updating your estate plan and communicating those things with your loved ones and heirs.
See Jacqueline Sergeant, Covid-19 Puts Wills, Estate Plans In Spotlight, Financial Advisor Mag, December 28, 2020.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.