• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Career Opportunities
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 374-5210
Law Pay Button
Attend a Free Webinar
Home » Estate Planning » 2021 Estate Planning Survey Yields Surprising Results

2021 Estate Planning Survey Yields Surprising Results

April 1, 2021Estate Planning

estate planning modern familyPassing away is one of the sure things of life, but most people have done nothing to prepare for this inevitable event.

How significant is the lack of preparedness?

Caring.com endeavors to answer this question each year when they conduct their annual surveys, and the 2021 results have been released.

Good News and Bad News

Over recent years, fewer and fewer people have estate plans in place, but the COVID-19 pandemic seems to have gotten the attention of younger adults. Without question, this unprecedented situation has demonstrated the tenuous nature of life.

The number of young adults between the ages of 18 and 34 with estate plans increased by 63 percent. Last year, 16.4 percent were prepared, and the figure skyrocketed to 26.8 percent this year.

People in the next group inexplicably went in the other direction. In 2020, 27.2 percent of individuals between the ages of 35 and 54 had plans in place, and it was just 22.5 percent this year.

This is a particularly disturbing statistic. If you think about it, many adults in this age group have dependent children still living in their homes.

When you roll the dice without a plan as a single person with no dependents, no one will be left vulnerable if you pass away.

The dynamic is entirely different when you have a spouse and/or children. It is simply irresponsible to go through life without an estate plan would there are people depending on you.

Even if you do not have considerable resources, you can carry term life insurance, and it is very inexpensive. An estate plan for a parent with children should also include the designation of a guardian.

Unpreparedness Among Older Adults

Most people that are 55 years of age and older must have estate plans, right? This is a logical assumption, but in fact, a lot of younger people are more practical than their older counterparts.

Back in 2019, the majority older adults did have estate plans in place, though the number was underwhelming at 60 percent. In 2020, it plummeted to 47.9 percent, and this year’s survey found that only 44 percent of seniors and those approaching senior citizen status are prepared.

Unless they are betting on the discovery of the fountain of youth, the 56 percent are tempting fate.

Consequences of Intestacy

If you die without any type of estate planning documents at all, the Surrogate’s Court would supervise the administration of the intestate estate. They would name a personal representative to act as the administrator, and final debts would be paid.

The personal representative would identify and inventory the assets, and this can be easier said than done when there are no instructions. After all the necessary tasks have been completed, the assets would be distributed under the intestate succession laws of the state of New York.

The way that the assets are distributed under these circumstances may not be consistent with your true wishes. Plus, the situation would be unnecessarily complicated and time-consuming.

Access Our Estate Planning Worksheet

We have prepared a worksheet that you can go through to gain a more thorough understanding of this important process. It is free, so you have everything to gain and nothing to lose.

You can get your copy right now if you head over to our worksheet access page and follow the simple instructions.

Take Action Today!

A lot of people know they should put a plan in place, but they procrastinate because they don’t know where to begin.

Since you are reading this, you have found the starting point. You can schedule a consultation appointment at our Pittsford, NY estate planning office if you call us at 585-374-5210.

There is also a contact form on this site you can use to send us a message, and if you reach out electronically, you will receive a prompt response.

 

 

  • Author
  • Recent Posts
Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
  • How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
  • State Income Taxation of Social Security Benefits - August 24, 2022
  • Understanding Tax Apportionment Clauses - August 17, 2022

Other Articles You May Find Useful

How Estate Planning For A Family May Trap The Unwary Practitioner 150x150
How Estate Planning for a Family May Trap the Unwary Practitioner
State Income Taxation Of Social Security Benefits 150x150
State Income Taxation of Social Security Benefits
Understanding Tax Apportionment Clauses 150x150
Understanding Tax Apportionment Clauses
estate planning
Estate Planning in Five Easy Steps
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part III
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part I

Primary Sidebar

Law Office of Michael Robinson, P.C.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Author Recent Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see all) How Estate Planning for a Family May Trap the Unwary Practitioner -... Read more →

Pittsford Office

1163 Pittsford-Victor Road, Suite 120 (Powder Mill Office Park)
Pittsford, NY 14534-3817
Phone: (585) 374-5210
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2023 American Academy of Estate Planning Attorneys, Inc.