Very Few Young Adults Have A Will, Survey Shows [AUDIO]
Better than seven in ten young adults have not prepared a will in the event the unthinkable happens.
The survey comes from RocketLawyer.com, an online legal service. Founder Charley Moore says the biggest excuse that people give is procrastination.
People say they make a will in order to make sure the people they love are provided for. Moore says they have lofty, positive goals, but often they say that making a will seems like it is intimidating, maybe complex, and so they procrastinate.
He points out that with all of the vast changes in lifestyles, unmarried couples and the ascendency of same-sex partnerships, it's more important than ever to create a document about your final wishes.
Here are some other key points in the survey:
- Forty-one percent of baby boomers (age 55-64) do not have a Will.
- In a new era of estate planning, protecting digital assets (Facebook account, online photos, passwords) is essential, yet 63 percent of respondents don't know what happens to their digital assets when they pass.
- The majority of Americans (61 percent) don't believe it's important to provide for a pet in their Will. In reality, it's crucial to designate a pet guardian in a Will, or that beloved pet could end up at an animal shelter.
- The top three most important reasons for creating a Will include: ensuring assets pass on to the right people (69 percent), "to be sure my family is taken care of" (54 percent) and "to prevent family disputes" (44 percent).