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March 29, 2022 at 05:01 PM
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.
Roadblocks
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.
