Study Finds 20% Of Americans Passed Away From COVID Without An Estate Plan

The COVID-19 pandemic has brought the importance of incapacity and estate planning front and center. But a new study indicates that some people who passed away from COVID-19 did not have an estate plan.

The Caring.com research study found that 1 out of 5 Americans who passed away due to complications with COVID-19 had completed no estate planning at the time of their passing. Of those who had some sort of estate planning document, 23% had prepared a will and 18% had created a living trust. The COVID-19 pandemic did spark estate planning action for certain segments of the population since young adults are more likely to engage in estate planning as a result of the pandemic.

Seniors and middle-aged adults, however, were less likely to have been influenced by this global event since only 22% of respondents between the ages of 35 to 54 said that COVID motivated them to create their own estate plan. If you need to create an estate plan, doing so can be easy with the support of an experienced and knowledgeable lawyer. Make sure to discuss your personal goals with a lawyer so that your documents and strategies match up with your future intentions.

Reach out to schedule a consultation today to learn more about how estate planning can support your loved ones and make a difficult time easier. Reach out to set up your Virginia Beach estate planning meeting today.

 

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