Put an Estate Plan in Place

When putting an estate plan in place, start with the basics, like creating a will.

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Do you have an estate plan? Here’s a statistic that will raise a few eyebrows: the number of adults younger than 35 who have a will has increased by 50% since 2020, climbing to 24% in 2024, according to the Caring.com 2024 Wills and Estate Planning Study.  The study cites COVID-19, growing assets and family expansion as major factors in this burst of estate-planning interest. However, this is the only age group that hasn’t had a decline in estate planning rates since 2020. In 2024, only 32% of Americans have a will, a 6% decrease from 2023. 

Why an estate plan is critical

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Janet Bodnar
Contributor

Janet Bodnar is editor-at-large of Kiplinger's Personal Finance, a position she assumed after retiring as editor of the magazine after eight years at the helm. She is a nationally recognized expert on the subjects of women and money, children's and family finances, and financial literacy. She is the author of two books, Money Smart Women and Raising Money Smart Kids. As editor-at-large, she writes two popular columns for Kiplinger, "Money Smart Women" and "Living in Retirement." Bodnar is a graduate of St. Bonaventure University and is a member of its Board of Trustees. She received her master's degree from Columbia University, where she was also a Knight-Bagehot Fellow in Business and Economics Journalism.

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