I wrote previously about a recent survey which estimated that 63% of Americans do not have a will. Well, when combined with people who have an out-of-date will – one that is practically worthless. That number climbs to 72%, and the break down by age group does not look good.
A recent survey concluded that approximately 9% of Americans have a will that was created before they got married or had children – or someone named in the will was deceased. That number climbs to 15% for people over the age of 64. There was a positive relationship between age and whether someone had a will. Consider the following data:
18-24: 85% do not have a Will, 10% have an out-of-date Will, and 5% have an up-to-date Will
24-35: 80% do not have a Will, 6% have an out-of-date Will, and 14% have an up-to-date Will
35-44: 67% do not have a Will, 8% have an out-of-date Will, and 25% have an up-to-date Will
45-54: 53% do not have a Will, 11% have an out-of-date Will, and 36% have an up-to-date Will
55-64: 52% do not have a Will, 8% have an out-of-date Will, and 40% have an up-to-date Will.
65+: 35% do not have a Will, 15% have an out-of-date Will, and 50% have an upto-date Will.
The income group least likely to have an up-to-date Will was in the $100,000+ annual income range
The income group most likely to have an up-to-date Will was in the $25,000-$99,999 range.
To conclude, planning is extremely important, but updating your plan is just as important. Having a Will that does not meet your financial and personal needs is as good as not having a Will at all.
Author Bio
Paul Yokabitus
Founder & Estate Planning Lawyer
Paul Yokabitus is the founder of Cary Estate Planning, where he helps North Carolina families protect what matters most through wills, trusts, probate, and special needs planning. Known for his “planning, not paperwork” approach, Paul turns complex legal concepts into clear, practical strategies so clients feel informed and confident at every step. He has been recognized as a Business North Carolina Legal Elite attorney and a Super Lawyers Rising Star, and was named to the Triangle Business Journal’s 40 Under 40. A graduate of Campbell University School of Law, Paul lives in the Triangle with his wife, Alix, and their two sons.
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How We Help North Carolina Families
Paul and his team at Cary Estate Planning are fully committed to creating a personalized experience to develop thorough and comprehensive estate plans. They value their clients and go above and beyond to make sure that no details are missed. I would highly recommend Paul to anyone looking to create an estate plan.
I was referred to Paul by my Real Estate Attorney and I could not say enough about how exceptional the client service has been from everyone I spoke to. The communication is prompt and I feel like they really took the time to answer all my questions and set things up exactly as I wanted, but also recommended things to make it easier on my family down the line.
After attending one of Paul’s estate planning seminars, my husband and I knew we wanted Paul to assist us with our estate planning. His honest, professional approach to this necessary part of life put us at ease with the process. We will continue to recommend Paul and Cary Estate Planning.
We had a great experience working with Paul Yokabitus and the team at Cary Estate Planning to set up our Will and Estate Plan. The process was clear and easy, and in the age of COVID, our signing session was very well done, easy, and safe.
The Cary Estate Planning team will make sure that you have the information you need to be confident in your estate planning decisions. I learned so much from videos, a one-on-one in-person consultation, the website, emails, and a newsletter mailed the old fashioned way. The fee is very reasonable given the importance of estate planning. No matter the size or number of your assets, don’t procrastinate like I did!
Paul is a masterful attorney. He’s very good at taking your intentions and defining that into a durable Trust and Will. Best of all he is as simple and plain-spoken as you like. Or as fast as intellectual as you may be. It’s all about your your speed and your desired outcomes. Would strongly recommend this firm.
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