You might be surprised to discover that 6 out of every 10 adults in the United States has yet to create an estate plan. According to Caring.com -- just 4 out of every 10 American adults have drafted a will or living trust.
The big difference between young people without estate plans and older people with estate plans is notable. The author of Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes says that people begin to face the reality of needing to finish their estate planning as they get older.
Fortunately, the older the person gets, the more these statistics change for the better. Eighty-one percent of adults age 72 and older have drafted at least a will or funded a trust to cover their estate-planning needs. Meanwhile, 58 percent of baby boomers between the ages of 53 and 71 have drafted more comprehensive estate plans.
This information was reported by the American Association of Retired Persons (AARP) in its Money Matters publication. The senior citizen organization compiled this information by collecting data from 1,000 survey respondents.
But young people need wills as well. Parents with minor children have a real need to draft their wills. Wills allow parents to choose who will serve as guardians for their children if they should die.
Seventy-eight percent of millennials between the ages of 18 and 36, and 64 percent of people between the ages of 37 and 52 remain without a valid will. Are you one of these people? If so, then it's time to consider your estate planning needs before it's too late.