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Financial Planning > Trusts and Estates > Estate Planning

Nearly Half of Families Earning $100K or More Lack an Estate Plan: Survey

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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.

Another misperception is that estate planning is only for extremely wealthy people. Forty-two percent of survey participants said they do not own anything valuable as a reason they do not have a plan, and 30% said they do not have enough money.

Wealth said it behooves employers to shine a light on estate planning in their benefits packages. Only 13% of the sample said they receive estate planning as an employee benefit.

Seventy-two percent of respondents who do not have a plan said they would be more likely to set up one if these services were offered by their employer.

“Estate planning should not only be available to high-net-worth households,” Rafael Loureiro, Wealth’s co-founder and chief executive, said in a statement. “Employees of all income levels and walks of life can benefit from financial clarity and emotional peace of mind that comes with having an estate plan.”