Policygenius survey finds Americans with misconceptions about estate planning

Policygenius survey finds Americans with misconceptions about estate planning – powered by Happy Scribe

Hey everybody, Nick Leydorf. I hope you’re having a good day so far. I wanted to share an estate planning article with you, just kind of go over some concerns that I have with this and how it can kind of impact your lives in the middle of the pandemic that we’re going through this. Full disclosure, policy genius is the name of this company. I believe they’re an insurance company. And I think they also sell their own digital estate planning tools, kind of like legal zoom and things like that.

So caveat with that. But I think some numbers here are important. We don’t have a lot of data that I’ve seen that kind of try and keep up on this. But so this survey found that a majority of people, 60 percent did not have a will and that 40 percent of those respondents said they feel it’s more important to get a willtwenty-two because of the covid-19 pandemic. What’s interesting, as you kind of unpeel peel the onion, so to speak, is many respondents have misconceptions about creating a will which has led them to avoid doing estate planning to begin with.

So it found that one in five or twenty two percent think getting a will is too expensive or overestimated the cost of securing a will by hundreds or even thousands of dollars. Additionally, nearly half forty-eight percent incorrectly believe that their possessions will automatically pass to their spouse if they passed away without a will, suggesting that people may not be creating wills because they assume they don’t need them. That’s important. What’s also important in this number here is the kind in this last figure here is that maybe people underestimate the cost of not doing anything at all.

I think that’s one thing that maybe this misses. So then we’re kind of getting into why aren’t people doing it? So when one kind of thing that we have here is that people may have a misconception about how much it costs. The bigger question is how much it costs. If you don’t do anything, that’s one thing. And then kind of it looks and it looks like here that time is also a barrier, particularly with those families that they surveyed.

But one in four people said they don’t have a will because they haven’t had time to put one together.

That’s concerning because that doesn’t it doesn’t usually take a long time to do that. It’s easy to do so. And more than half of those respondents were parents.

That’s really concerning because there is when you deal with parents, you’re looking at a lot of different issues about beneficiaries or real estate or different things like that, that that can really impact a family when when something can go wrong and really have a generational impact on the family if they don’t have some proper basic planning in place. And this is a statement from the their CEO estate planning can feel like a complex or time-Consuming effort, but for the average family, it’s usually more straightforward than expected.

Yeah, I definitely agree with that. They then go on to talk about their mobile app that they have. So that’s that’s great. Good for them. I’m I’m glad that they’re actually trying to get the word out there. This is something that you need to do. So if you have questions, as always, just reach out. And I’d be glad to talk with you about that. And I hope you have a great rest of your day and.

All right. Take care. Bye.