A recent consumer survey performed by USLegalWills.com has found that past surveys may have been underreporting the number of Americans that do not have a Will. The reason for this discrepancy is that they had not been including those who have a Will that is out-of-date. The article states,

“We really wanted to explore this group after anecdotally hearing from people who had a Will, but had it written before they got married or had children,” explained Tim Hewson, CEO of PartingWishes Inc., the parent company of USLegalWills.com. “In essence, although they technically had a Will, it was worthless.”

Particularly, seniors (aged 65+) are the most likely age group to have a Will that is out-of-date (15%). Of the 65% of seniors who said that they have a Will, almost one in four have Wills which are out-of-date.

The survey showed a positive relationship between age and the probability of having a Will:

• 18-24: 85% do not have a Will, 10% have an out-of-date Will, and 5% have an up-to-date Will.

• 23-35: 80% do not have a Will, 6% have an out-of-date Will, and 14% have an up-to-date Will.

• 35-44: 67% do not have a Will, 8% have an out-of-date Will, and 25% have an up-to-date Will.

• 45-54: 53% do not have a Will, 11% have an out-of-date Will, and 36% have an up-to-date Will.

• 55-64: 52% do not have a Will, 8% have an out-of-date Will, and 40% have an up-to-date Will.

• 65+35% do not have a Will, 15% have an out-of-date Will, and 50% have an up-to-date Will.

Even when discounting younger adults, 53.5% of Americans aged 35 and older responded to not having a Will; 9.5% responded to having a Will that is out-of-date, leaving only 37% with a Will that reflects their current financial and personal situation.

The income group least likely to have up-to-date Wills was in the $100,000+ annual income range.

The income group most likely to have up-to-date Wills was in the annual income range of $25,000-$99,999.

Find the full story here: US survey reveals that 72% of Americans do not have an up-to-date Will

Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal