Americans are more aware of the need to have a will, living trust or similar end-of-life document prepared.
According to a new survey, only about 1/3 of Americans have put these plans in place. In case of disability or death, a majority of people are leaving what happens to their assets to the state.
According to 40% of survey respondents, they just haven't gotten around to it. The estate-planning process is too costly and 12% of people don't know how to get a will.
People who have had a serious case of Covid-19 are more likely to engage in estate planning.
42% of those ages 18 to 34 see greater need for a will or other estate-planning documents after the swine flu.
According to Jim Rosenthal, CEO of Caring.com, only 48% of people who had a severe case of Covid have an estate plan in place.
Even with the big scare of potential impending death, people still don't run out and take care of things.
If you don't have a lot of assets, you don't need to specify where you want your assets to go when you die or what care you want if you become disabled.
Rosenthal said that the first step is to become as informed as possible. Online resources can help those with less assets plan. If you want to make sure do-it-yourself documents count as official, you may want to get them notarized.
The online survey included 2,644 adults ages 18 and over.
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