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October 11, 2022 at 01:58 PM
What You Need to Know
- 72% of women and 59% of men in a recent survey said they do not have an estate plan.
- The top reason respondents cited for not having an estate plan is thinking they don't have enough money to warrant one.
- Respondents who have worked with a financial professional report feeling more confident and prepared to discuss their estate plan and end-of-life wishes.
COVID-19 has claimed the lives of more than a million Americans, but that statistic hasn’t inspired many to put more thought into their end-of-life planning. Only 34% of American adults have an estate plan, and of those, 20% have not updated their plan in the last five years, according to a study released Tuesday by D.A. Davidson & Co., an employee-owned financial services firm.
Seventy-two percent of women in the study do not have an estate plan, compared with 59% of men.
The findings are just as bad for a health care power of attorney. Thirty-three percent of Americans have one, and just 30% accurately understand what this is.
Working with a financial professional makes a difference. Half of those who have done so have created a health care power of attorney, compared with 20% of those who have not. Across generations, 30% of Generation Z, 25% of millennials and 27% of Gen X have a health care power of attorney.
“Americans are vastly underprepared to pass on their assets according to their wishes and to care for loved ones in the event of a medical emergency,” Andrew Crowell, vice chairman of wealth management at D.A. Davidson, said in a statement. “If the COVID-19 pandemic has taught us anything, it’s the importance of being prepared for life’s uncertainties, and creating a focused and detailed estate plan can do just that.”
Directions Research conducted the online survey in early September among 2,094 U.S. adults.
