
New Years Resolutions–Intentions or Wish List–are still staring at us from our champagne glasses or to-do lists. Experts who follow resolution trends–yes, there are people who do that–report that the top intentional topics are eating less (or better), exercizing more (or more effectively) and drinking less (or not at all). On a December Freakonomics podcast, host Stephen Dubner mused with Katy Milkman, a behvavioral scientist, about how much store we put in our New Years promises to change. As Dubner put it in the podcast,
- “January 1st as something of a high holy day” for behavior-change specialists. “Every year roughly half of all Americans make a New Year’s resolution to break some habit, fix some flaw, pick up some new activity.”
One promise that doesn’t rank high on the fix-it list is making sure our estate plans are in order. That is, whether we who are parents of adult children have created or need to update a will, put together a living will or discussed our end-of-life preferences with our adult children. Not to make anyone feel guilty, this is just a moment to give perspective on where you may sit in the universe of doing your estate planning homework.
According to a Pew Research report, only about three-in-ten U.S. adults say they have created:
- A will that describes what to do with their assets and belongings after they die (32%)
- A living will or advance health care directive in case they are unable to make their own medical decisions (31%)
The older we are, the more likely we are to have taken care of this stuff. Here are the Pew breakdowns by age:
- Among adults in their 60s, 46% have a will and 44% have a living will or advance directive. About a third or fewer among adults under 60 have created these documents.
- Roughly two-thirds of adults in their 70s (66%) say they have created a will and 64% have a living will or advance directive.
- About eight-in-ten of those in their 80s or older have done these thing.
Here are some more stats on who’s done what:
- Looking at age and gender together, women ages 75 and older are the most likely, and men ages 65 to 74 the least likely, to have talked to their adult children about these things.
- Across age groups, people in higher income tiers are more likely to say they have a will, as well as a living will or advance directive. The numbers: 83% of adults ages 70 and older with upper incomes say they have a will, and 78% have a living will or advance directive. By comparison, 51% of adults in this age group with lower incomes have a will, and 59% have a living will or advance directive.
As to whether we’ve discussed any end-of-life care with our kids, Pew reports that around two-thirds of older adults have “shared their wishes for medical care in case they are unable to make their own decisions.”
- Fewer (44%) say they have discussed their preference for their living arrangements if they couldn’t live independently.
- Parents ages 75 and older are more likely than those ages 65 to 74 to say they have discussed end-of-life preferences with their adult children. There are also differences by gender, with mothers more likely than fathers to say they have had these conversations.
There’s one other piece of estate planning that long-time readers know I have harped about. In addition to the will and tallking to our kids about medical care, we should leave our children with fewer clean-up burdens. I mean clean closets. Pew hasn’t run a survey on this latter piece of estate planning; I’m data-free on who’s achieving this goal. I can only say to those who resist clearing out the basement bins, attic storage room or hallway closet, You know who you are. Be kind to your kids and your belongings.
Credit: Robert Rauschenberg, “Third Time Painting”








