How the Pandemic Affected Estate Planning with Young People

The COVID-19 pandemic has caused many individuals to evaluate their future—however, this realization has come in different forms depending on an individual’s age. For the first time ever, young adults are now more likely to have an estate plan than older adults. And many of these young individuals cite the pandemic as the reason they created a Houston estate plan.

In a recent survey, 1 out of 3 people said the pandemic caused them to see the need for an estate plan; however, 30% of these people did not take any action. Below are reasons why the survey respondents said they did not have a will in place—and ultimately why these excuses should not stop an individual from drafting an estate plan.

“I Haven’t Gotten Around to Drafting a Will”

Despite the effects of the pandemic, surprisingly, middle-aged and older adults are now less likely to have an estate plan now than they were just one year ago. Thirty-four percent of respondents in a recent survey indicated they did not have a will in place because they “hadn’t gotten around to it” yet.

However, this is not a good reason to put off creating an estate plan. As the pandemic has shown, many people experience unexpected circumstances throughout life, so it is best to be prepared. While it may be difficult to find the time to draft a will, experienced estate planning attorneys can help with the process.

“I Do Not Know How to Get a Will or Living Trust”

This year, 7.6% of people surveyed indicated that not knowing how to get a will stopped them from beginning the process. However, this number has risen over the past four years—in 2017, only 4% said they “do not know how to get a will” as the reason they do not have an estate plan in place. Starting the estate planning process can be overwhelming—it’s difficult for individuals to know what type of estate plan they need or how to draft an estate plan.

This is the very purpose of estate planning lawyers. Based on a person’s assets, family situation, and long-term care needs, estate planning attorneys will advise their clients on what to include in their will, along with any other documents that should be included in their estate plan.

Estate planning can be very complicated, but this should not be the reason to put it off. It’s simply too important. Individuals who do not have an estate plan should reach out to a knowledgeable estate planning attorney to get started drafting their estate plan.

Contact a Houston Estate Planning Attorney

If you are interested in creating an estate plan or updating an existing plan, contact the Houston estate planning attorneys at McCulloch & Miller, PLLC. We understand that estate planning can be overwhelming and stressful, so our knowledgeable attorneys will walk you through the process and answer any questions you may have. Start the estate planning process today and call us at 713-333-8900 to schedule a consultation with one of our knowledgeable estate planning lawyers.

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