Seventy percent of participants in a new survey from Wealth, an estate planning platform, said they want to pass wealth down to their loved ones. Yet only 53% have an estate plan. Worse, just 32% have a will in place.
Among those who do not have an estate plan, 63% said that they have considered creating one in the past, and 46% said they do not know how to start.
The survey found that people of color in particular face accessibility barriers; they are 14% less likely to have an estate plan in place than their counterparts in the sample.
Wealth’s findings were based on a survey conducted in the U.S. by WALR in partnership with Manifest from Dec. 16 to Jan. 1 among 10,000 employed respondents ages 30 to 55 with a household income of more than $100,000.
The survey results showed that the main factor impeding people from securing their financial legacy is the notion that estate planning should be done in the future rather than now — possible because 45% of respondents said they avoid thinking about death.