Logo

The Oakley Law Group

Preserving Your Life's Work for Your Family's Future

(818) 937-2335
Attend An On-Demand Webinar
  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • How We Can Help
    • Business Owners & Asset Protection
    • Elder Law and Medi-Cal Services
    • Estate Planning
    • Family-Owned Businesses
    • Incapacity Planning and Caregiver Support
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • Minor Children & Young Adult Planning
    • Special Needs Planning
    • Trust Administration & Probate
    • Wills & Trusts
  • Seminars
  • Resources
    • Elder Law Reports
    • Estate and Gift Tax Figures
    • Estate Planning Resources
      • Definitions
      • Estate Planning Checkup
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medi-Cal Planning
      • Probate
      • Taxes on Inheritances
      • Trust Administration & Probate
    • Newsletters
    • Special Needs Resources
    • Reports
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
  • Blog
  • Contact Us
Caring.com Has Released 2022 Estate Planning Preparedness Survey
arrow_downward

Caring.com Has Released 2022 Estate Planning Preparedness Survey

August 19, 2022 by Steven Oakley

Estate Planning Preparedness | Caring.com's 2022 SurveyThe website Caring.com has been conducting estate planning preparedness surveys over recent years, and the 2022 figures have been released. As usual, the news is not good, and we will look at some of the details in this post.

Two Out of Three Adults Do Not Have Wills

The survey found that 33.1 percent of American adults have wills or trusts in place. This is almost exactly equal to the 32.9 percent that were prepared last year.

You might think that a pandemic would have significantly increased the preparedness levels, but this is simply not the case in two of the three age groups that they studied. In 2022, 27 percent of people between 35 and 54 had plans in place, and the figure is 45 percent for those that are 55 and older.

These numbers are very similar to the last two years, but the youngest group between 18 and 34 years of age did make a significant move forward, and the pandemic was a part of it. In 2020, just 16 percent of folks in this group had wills, and it is now 24 percent.

Reasons Cited

Researchers asked unprepared respondents why they did not have estate plans, and 40 percent said they just hadn’t gotten around to it. One third stated that they did not act because they don’t have enough property to pass along to their loved ones.

Others had no plans in place because they are harboring misconceptions about estate planning. It is simple to get a will or trust if you work with an attorney, but 12 percent said that they did not know how to go about it.

There is also the idea that it is too expensive to put an estate plan in place, and this belief was harbored by 13 percent of participants. In fact, most of our clients are pleasantly surprised when they hear about the fee that is involved, so expectations should not be exaggerated.

Importance of Estate Planning

A lot of people think of estate planning as something that is only relevant to senior citizens. Yes, the overall life expectancy is about 78 years, but people of all ages pass away every single day.

When you have children depending on you, estate planning becomes an absolute must. You have to designate a potential guardian for the children in a simple will, and you have to address the matter of income replacement.

Life insurance is a widely embraced solution, and term life insurance is inexpensive for relatively young adults. Of course, children cannot handle their own money, and this will impact the logistics.

You can use a revocable living trust as the centerpiece of your estate plan. While you are living, you would be the trustee, so you would maintain control of the assets. The successor trustee that you name would manage the trust after your passing.

They would be empowered to control assets on behalf of a dependent child if it ever becomes necessary. Another option is a testamentary trust, which is a trust that is contained within a will, and it would be created after you pass away.

Your estate plan should also address end-of-life eventualities. A living will is an advance directive for health care that is used to record life-support preferences in a legally binding matter.

To account for medical decision-making that is not related to life-support utilization, you can name an agent in a durable power of attorney for health care. If you have a living trust, you can name a disability trustee to administer the trust in the event of your incapacity.

Your plan should include a HIPAA release to give your agent and anyone else that you choose the right to access your medical records. In fact, if you have young adult children, their doctors would not be able to share medical information with you unless one of these forms has been executed.

Schedule a Consultation Today!

Today is a day for action if you are going through life without an estate plan. There are different approaches that can be taken, and there is no one-size-fits-all plan that is right for everyone.

Personalized attention is important, and this is what you will receive when you choose our firm.

You can schedule a consultation at our Burbank, CA estate planning office if you call us at 818-937-2335, and you can use our contact form to send us a message.

  • Author
  • Recent Posts
Steven Oakley
Steven Oakley
Managing Attorney at The Oakley Law Group
Steve is a father of five, a member of the Jonathan Club, veteran of the United States Army and spends his free time dabbling in aviation and supporting several non-profit organizations including, Freemasons of California, Scottish Rite Language Centers, the Burbank Noon Kiwanis Club, Quake Safe Seniors, UCLA Alumni Scholarships, and the Shriners’ Hospitals for Children.
Steven Oakley
Latest posts by Steven Oakley (see all)
  • Is There a California Estate Tax? - January 28, 2023
  • Your Home Value Can Create Estate Tax Exposure - January 22, 2023
  • Three Estate Planning Details You Might Overlook - January 19, 2023

Primary Sidebar

SEARCH

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There’s a lot that goes into setting up a comprehensive estate plan, but with our complimentary worksheet, you’ll be one step closer to getting yourself and your family on the path to a secure and happy future.
Texting Permission

The Oakley Law Group

2600 West Olive Avenue, 5th Floor
Burbank, CA 91505
Phone: (818) 937-2335
Fax: (818) 450-3886

Office Hours

Monday to Friday : 9:00am to 6:00pm PST

Blog Subscription

Subscribe to our blog to get the latest estate planning news from the attorneys at The Oakley Law Group.
Texting Permission

Footer

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube
Logo
ATTORNEY ADVERTISING. PAST RESULTS DO NOT GUARANTEE FUTURE OUTCOMES

© 2022 The Oakley Law Group | © 2022 American Academy of Estate Planning Attorneys, Inc. Disclaimer | Privacy Policy