I recently came across a thought-provoking article that highlights an alarming trend in America. Research from the Center for Retirement Research at Boston College reveals that fewer older Americans, specifically those over 70, are drafting wills or trusts for their assets. From 2008 to 2018, the percentage of such households with wills plummeted from 70% to 63%.
Interestingly, the research indicates that this decrease mirrors the increasing diversity in the older population. It appears that Black and Hispanic seniors, who are becoming a larger proportion of the elderly demographic, are less likely than their non-Hispanic white counterparts to create a will or receive an inheritance. Gal Wettstein, a senior research economist at Boston College, points out that the numbers show a disproportionate lack of will-writing among non-Hispanic Blacks and Hispanics.
For a more in-depth understanding, I've embedded a video in the blog post which further delves into this topic. I urge you to watch it.
Amy Wagner discusses inheritance
In light of this information, I feel compelled to stress the utmost importance of drafting a will. Having a will in place is not only a reflection of responsible financial planning but also a means to provide clarity and ease for loved ones in the wake of one's passing. Without a will, there's potential for disputes, legal hassles, and unnecessary emotional distress for surviving family members.
To understand more about this trend and its implications, check out the original article here.
Stay informed and prioritize your future planning,