The 2011 EZLawTM Wills & Estate Planning Survey

I. Background and Objectives The 2011 EZLawTM Wills & Estate Planning Survey was conducted to better understand Americans attitudes and behaviors toward wills and estate planning, including perceived importance of having a will and rationale for not having any estate planning documents in place. II. Methodology An online survey was conducted using the field services of TNS. The study reached a national sample of 1,000 American adults ages 18 and older. The margin of error for the total sample is 3.1% at the 95% confidence level. This means that if we were to replicate the study, we would expect to get the same results (within 3.1 percentage points) 95 times out of 100. III.Media Highlights While many Americans recognize the importance of wills and estate planning, the majority admit that they have no estate planning documents in place: The majority of Americans (60%) believe all adults should have estate plans, yet only 44% of Americans report that they currently have any estate planning documents. Compared to their counterparts, younger Americans and women appear to be less concerned about the importance of estate planning: Women and younger Americans are more likely to be most concerned about maintaining their weight than protecting their financial assets. In addition, younger Americans believe that it is becoming less important for people to have wills because people are living longer, healthier lives. Alarmingly, adults with minors in the household dont appear to be taking enough precautions when it comes to estate planning: Over a third of Americans with children under 18 in the household (36%) do not believe that wills or estate planning documents are one of the most important documents to have in place. The majority rank birth certificates (76%) titles/deeds for property and vehicles (70%) as the most important. In addition, although the majority of Americans with minors in the household (75%) say that the court will decide who becomes the childs legal guardian if there is no will at the time of both parents death, only 39% have any estate planning documents in place. Of those Americans that dont have any estate planning documents in place, one in ten (13%) believe that their spouse/children will automatically receive the assets they have. Americans express desire for a more effortless process of taking care of their estate planning needs: Nearly one in five consumers report that they do not have estate planning documents because it is too complicated to deal with right now. Importantly, three-quarters of consumers report that they would be more likely to create or update their will if there was an easy, valid way to do so online.

IV. Detailed Findings For some Americans, particularly women and younger Americans, maintaining their weight is more concerning than protecting their financial assets. o While the majority of Americans report that they are most concerned about preserving their health (70%) and having enough money to retire (50%), only 43% say they are most concerned about protecting their financial assets. Interestingly, women are more likely to say that they are most concerned about maintaining their weight (47%) than protecting their financial assets (44%). - Women are significantly more likely than men to report that they are most concerned about maintaining their weight (47% vs. 33%). Americans 18-34 also are more likely to report that they are most concerned about preserving their health (64%), having enough money to retire (52%) and maintaining their weight (51%) than protecting their financial assets (44%).

Less than half of Americans report concern over protecting their financial assets

Preserving your health

70%

Having enough money to retire Protecting your financial assets

50%

43%

Maintaining your weight

40%

Total Americans

Keeping up your looks and/or appearance

27%

None of these
0%

7%

20%

40%

60%

80%

100%

Q: Which of the following, if any, are you most concerned about? (Select as many as apply)

Title for vehicles/property and a copy of insurance policies are considered to be on par with estate planning documents as the most important documents to have in place. o Four in ten Americans (38%) do not believe that wills or estate planning documents are one of the most important documents to have in place. Over a third (36%) of Americans with children in the household do not believe that wills or estate planning documents are one of the most important documents to have in place. In fact, Americans are more likely to say that the most important documents to have in place are a birth certificate (71%) and title/deeds for property or vehicles owned (66%) than wills or estate planning documents (62%). Adults with minors in the household are also the most likely to rank birth certificates (76%) or titles/deeds for property and vehicles (70%) as the most important documents to have in place. Younger Americans 18-34 are more likely to say that it is important to have a copy of their insurance policies (51%) in place than wills or estate planning documents (44%). More affluent Americans (household income of $50K or more) are significantly more likely than less affluent Americans (household income of less than $50K) to report that wills or estate planning documents are one of the most important documents to have in place (70% vs. 49%).

While many Americans consider estate planning documents to be important, the majority admit not having any
Birth certificate Title/deeds for property or vehicles owned Will or estate planning documents A copy of your insurance policies Your most recent income tax information Diploma A copy of your credit report None of these Not sure 0% 2% 5% 20% 40% 60% 80% 100% 17% 25% 43% 71% 66% 62% 59%

Total Americans

Q: Which of the following, if any, do you believe are the most important documents to have in place? (Select as many as apply)

Still, it appears that some Americans believe that wills are losing their relevance and only certain groups should have estate planning documents. o Alarmingly, one in ten Americans (13%) believe that it is becoming less important for people to have wills because people are living longer, healthier lives. One in five Americans 18-34 years old (22%) agree that it is becoming less important for people to have wills because people are living longer, healthier lives, compared to Americans 35-54 (11%) and 55+ (7%). Americans who dont have any estate planning documents are nearly twice as likely as Americans who do have estate planning documents to agree with the statement (16% vs. 9%). o While many Americans (60%) believe that all adults should have estate planning documents, another 38% report that only specific groups of people should have estate planning documents, including people with children (27%) and elderly people (26%). Younger Americans are significantly less likely than their older counterparts to report that all adults should have estate planning documents (18-34, 45%; 35-54, 58%; 55+, 76%).

The majority believe all adults should have estate planning documents; however, few Americans have wills or any estate plans
All adults People with children Elderly people Wealthy people Homeowners/ people who own property Those who are married Those who are ill College graduates None of these 3% 2% 20% 40% 60% 80% 100% 27% 26% 22% 21% 20% 19%
Total Americans

60%

0%

Q: Which of the following types of people, if any, do you believe should have estate planning documents (e.g., will, living will or medical directive, trust, etc.)? (Select as many as apply)

Although the overwhelming majority of adults recognize the importance of creating estate planning documents, significantly fewer admit having already done so. o Over three-quarters of adults (76%) report that if there is no will at the time of both parents death, the court will decide who becomes the childs legal guardian. Although the majority of Americans with children under 18 in the household (75%) say that the court will decide who becomes the childs legal guardian if there is no will at the time of both parents death, only 39% have any estate planning documents in place. In addition, nearly all Americans (96%) agree that it is important to create a will so that their property is transferred to the right person.

Most Americans are familiar with the consequences of not having a will, even though few report having one
% Agree (Strongly/Somewhat)

It is important to create a will so that your property is transferred to the right person

96%

If there is no will at the time of both parents' death, the court will decide who becomes the child's legal guardian

Total Americans

76%

0%

20%

40%

60%

80%

100%

Q: Please read the following statements and indicate whether you strongly agree, somewhat agree, somewhat disagree, or strongly disagree with each statement.

Despite familiarity with this information, only 44% of Americans report that they currently have any estate planning documents. Specific groups of Americans are significantly more likely to report having estate planning documents, including: - Men (50%) vs. women (38%) - Americans 55+ (70%) vs. Americans 35-54 (41%) and Americans 1834 (20%) - More affluent Americans (53%) vs. less affluent Americans (32%) - Married Americans (51%) vs. those who are not married (32%) Only four in ten Americans (40%) report that they currently have a will or living will/medical directive.

Considerably fewer Americans report that they have the following estate planning documents: - Power of attorney for healthcare (19%) - Power of attorney for finances (15%) - A living trust (11%) - Other trust agreement (4%)

Less than half of Americans have any estate planning documents

At least one of these NET A will A living will or medical directive Power of attorney for healthcare Power of attorney for finances A living trust Other trust agreement Other estate plan documents None of these Not sure

44% 36% 23% 19% 15% 11% 4% 7% 50% 6% 0% 20% 40% 60% 80% 100%
Total Americans

Q: Which of the following elements of an estate plan do you CURRENTLY have? (Select as many as apply)

Americans identify having to focus on the basics as the top reason for not creating estate planning documents. o By far, the top reason that Americans dont have any estate planning documents is because they are more focused on essentials right now (e.g., paying bills, buying groceries, etc.) (37%). Nearly one in five Americans report that they do not have any estate planning documents because its not necessary (18%) or it is too complicated to deal with right now (16%). Unmarried adults are three times more likely than married adults to say that the reason that they dont have any estate planning documents is because its not necessary (28% vs. 8%). Other reasons that Americans do not have any estate planning documents include: - Too expensive (14%) - They believe that their spouse and/or children will automatically receive any assets that they have (13%) - Too time consuming (6%)

Top reason Americans dont have any estate planning documents is a need to concentrate on their households basics
At least one of these NET You are more focused on essentials right now (e.g., paying bills, buying groceries, etc.) It's not necessary Too complicated to deal with right now Too expensive You believe that your spouse and/or children will automatically receive any assets that you have Too time consuming Other Not sure 0% 6% 10% 21% 20% 40% 60% 80% 100% 18% 16% 14% 13%
Americans who don't have any estate planning documents

79% 37%

Q: Which of the following are the biggest reasons you do not have any estate planning documents in place? (Select as many as apply)

Americans express desire for a more effortless process of taking care of their estate planning needs. o Three-quarters of consumers (75%) report that they would be more likely to create or update their will if there was an easy, valid way to do so online. Specific groups of Americans are significantly more likely to agree with this statement, including: - Women (81%) vs. men (70%) - Adults with children under 18 in the household (82%) vs. those without children in the household (72%) - Americans 18-34 (81%) and 35-54 (77%) vs. Americans 55+ (68%)

About EZLaw Developed by LexisNexis, the EZLaw online service enables users to create a living will, last will and testament, and/or power of attorney and have those documents reviewed by a qualified attorney for a low, fixed, pre-set cost for each document. EZLaw is the first online legal document creation service of its kind that, as part of the standard product offering, partners people with a qualified attorney who will review their documents and consult with them by phone to finalize them. Currently available to Pennsylvania residents, EZLaw will be introduced in more states soon.