During the Covid-19 pandemic, one third of U.S. adults had a conversation with close family members about their end-of-life plans and preferences. That is according to a new study from financial services firm Edward Jones in partnership with Age Wave and Harris Poll. For 44.5 million Americans (18%), this was the first time they had discussions about finances, health and legal plans.
The pandemic has made many Americans think more about the kind of legacy they want to leave to their families. However, this study has also found that people have been slow to take the necessary steps to put those plans in place. Consider the following study results:
- A majority of Americans ages 50+ (71%) believe having a will in place is the most important action to take before someone dies, yet only 49% actually have a will.
- Only 19% of adults 50+ have the three essential end-of-life documents in place: a will, health care directive/living will and designated power of attorney.
- More than half of Americans 50+ (51%) do not have any long-term care plans in place.