Where’s the inheritance? Why fewer older Americans are writing wills or estate planning

The percentage of older Americans with wills or trusts for asset distribution after death has decreased since the mid-2000s, dropping from 70% to 63% between 2008 and 2018, according to research by the Center for Retirement Research at Boston College. The decrease cannot be solely attributed to procrastination or financial constraints, as these concerns have always existed. Research from Boston College and other sources indicates that Black and Hispanic families are significantly less likely to have wills than non-Hispanic white families. 

Another reason many Americans acknowledge the importance of writing a will but often delay the process due to its complexity and the uncomfortable subject matter of death. Procrastination is a common obstacle to estate planning, with many people intending to address it at some point in the future.

For more information see Daniel de Vise “Where’s the inheritance? Why fewer older Americans are writing wills or estate planning” USA Today, October 3, 2023.

Special thanks to Deborah Matthews (Virginia Estate Planning Attorney) for bringing this article to my attention.