The Covid-19 pandemic has produced a rise in estate planning.
To that point, a survey conducted for LegalZoom.com found that 32% of young people ages 18 to 34 said they got a will because of Covid-19. What’s more, 21% of that age group also drew up a will specifically because they or someone they knew had Covid-19.
Of Americans who do have a will, just over a quarter, or 26%, got one because they were fearful of serious illness or death related to Covid-19.
However, the majority of Americans still do not have a will.
The LegalZoom.com survey found that 62% of Americans don’t have a will and, of those who do, 12% created them in the past 12 months — and 44%, in the last five years.
Many people mistakenly believe that they don’t have enough in assets to warrant a will, or that their money will automatically go to their next of kin. Both assumptions are wrong. It is crucial to get the facts and put planning in place to protect those you love and ensure that you are the one to decide how your possessions and money will be distributed.
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