“A note on Privacy: the protection and security of the documents created on our web site are of critical importance. In particular, we cannot access any information contained in a specific Will, nor can we read a person’s Will. However, we are able to access aggregated data on planned giving from an encrypted database folder that summarizes the number of times particular choices have been made within our service. We cannot connect this information to individual accounts. It is this data that has been mined to provide the information in this post”
Background to our study
At USlegalWills.com, we help thousands of Americans create their Last Will and Testament. A Will contains a lot of important information, such as who will be the guardians of your children and who will receive your house after you pass on, and it can also serve as a great way to give back to the community upon your death. Leaving money or assets to a charity is called “planned giving,” which USlegalWills.com offers for all its Wills. According to the National Center for Charitable Statistics, in 2015, individual giving, which makes up the vast majority of contributions received by non-profit organizations, “amounted to $258.51 billion in 2014, an increase of 7.1 percent in current dollars from 2013.” Ever since the Great Recession in 2008, “individual giving has been increasing in both current and inflation-adjusted dollars for the last couple years, although it has not recovered to pre-recession levels.”
Actual word cloud from bequests made at USLegalWills.com
With this charitable giving trend on the rise, we were interested in the level of “planned giving” going on in the United States. According to Russell James, the number of people aged 55+ with a charitable estate beneficiary hovers between 5% an 6%.
A number of surveys over the last few years have reported that anywhere from 55 percent to 64 percent of Americans have not written their Wills. However, one under-reported statistic is the number of people who have their Will in place, but made it so long ago, that it no longer reflects their current circumstance. At USLegalWills.com we wanted to explore the current state of Will writing in the US, and delve deeper into the issue of outdated Wills.
The USLegalWills.com survey was conducted within the United States by Google Consumer Surveys, June 2016, among 2,012 adults aged 18 and older, and has a root square mean error of 1.4%.
Results are weighted by age, gender, and region. For full information on Google Consumer Surveys’ methodology and validity, visit here.
- Across all age groups 28.4 percent of Americans had up-to-date Wills. 8.6% had a Will but it was out-of-date. 63% had no Will at all. This means that 71.6 percent of Americans do not have an up-to-date Will.
- Even when we focus on Americans over 35, two thirds don’t have an up-to-date Will.
- Only half of Americans over the age of 65 have up-to-date Wills in place.
- One in six Americans over the age of 65 have a Will that is out of date.
- Wealthy Americans are no more likely to have written their Will.
- Wealthy Americans are more likely to have an out-of-date Will.
Number of Americans without Wills
Our aggregated numbers show that 71.6 percent of Americans do not have an up-to-date Will. We rarely see the number of out-of-date Wills reported, but it makes a significant difference to the story and clearly demonstrates that there are significant improvements needed in the way that Will writing is presented to Americans.
We know that everybody needs a Will, and consistently over the years we’ve heard that around two thirds of Americans don’t have their Wills in place, but now knowing that nearly ten percent have an out-of-date Will adds to this concern. Continue reading