Survey Shows Americans Fail to Plan
2008-12/30 Mark J. Bradley

You can't take it with you, according to the adage.  A new survey, however, suggests that many Americans seem to be planning to do just that.

The survey, conducted by Harris Interactive for lawyers.com, an online attorney locator service, shows that over half (55 percent) of all adult Americans do not have a will.  Nearly one in four (24 percent) of adults say their biggest reason for not having an estate plan is a lack of sufficient assets.  This reflects a misunderstanding about a will’s actual function.  A will is merely an expressed intention of what should be done with one's property after death, regardless of the value of the property. 

"Surprisingly, the majority of Americans still aren't planning for the distribution of their estate after death," said Alan Kopit, a lawyers.com legal editor. "Virtually every adult dies possessing some form of property, but without a will, it's up to the state to decide how those assets are distributed - which may not reflect an individual's actual desires.

The survey also reported some encouraging news.  Living wills (known as declarations to physicians) have recently increased in popularity.  Two in five adults (41 percent) now have living wills in place, a full ten percent more than those who had one just three years ago. Living wills dictate individuals' directions for receiving life-sustaining medical intervention in the event of grave illness or injury.  Additionally, two in five (38 percent) American adults report assigning a power of attorney for health care purposes.  A power of attorney for health care legally delegates authority to another to make medical decisions for that individual, if he or she is incapacitated.

"Issues surrounding medical decisions for terminally ill or injured people have received a great deal of news coverage in recent years, likely prompting increased interest in the legal documents that address such situations," said Kopit. "In preparing a living will and accompanying power of attorney for health care, you're clarifying your desires unequivocally.  With minimal advance preparations and costs, loved ones can be spared from difficult decisions and uncertainties during emotional times."

Nearly one in ten (9 percent) adults say they don't have an estate plan in place because they don't know who to talk to about creating such documents.  At Ruder Ware, we have an experienced team available to answer all your estate planning questions and prepare the documents necessary to carry out your intentions.  These include wills, powers of attorney, revocable trusts, and irrevocable trusts.  Please contact any one of our estate planning professionals.

                       Eau Claire Office                                 Wausau Office

                       Sebastian (Sam) Geraci                        Daniel Rupar

                       Linda Danielson                                   Mark Bradley

                       Jane Lokken                                       Melissa Kampmann

                       Michael Ahrens                                   Mark Munson

© 2008 Ruder Ware, L.L.S.C. Accurate reproduction with acknowledgment granted. All rights reserved.
This document provides information of a general nature regarding legislative or other legal developments. None of the information contained herein is intended as legal advice or opinion relative to specific matters, facts, situations, or issues, and additional facts and information or future developments may affect the subjects addressed.