NEW YORK — Americans are making their financial priorities known, and cold hard cash is NOT at the top of the list. A recent survey of 2,000 American adults reveals that when it comes to inheritance, a house or property tops the list (65%), followed by pets (59%), and then money (58%).
Over half the respondents (53%) expressed a desire to inherit collectibles or a vehicle. Intriguingly, one in three Americans have never pondered the fate of their assets posthumously. This research, conducted by OnePoll in collaboration with Trust & Will, took a look at Americans’ digital future planning preferences.
The findings also reveal that Americans predominantly manage various aspects of their lives online: health and healthcare (58%), finances (52%), estate planning (51%), and even personal relationships (52%). A significant 64 percent showed a preference for online banking platforms, a stark contrast to the mere 24 percent who still favor traditional brick-and-mortar banking.
On average, Americans digitally sign or e-sign documents about five times a year. In the past year, this has encompassed health services (56%), job offer letters (47%), sales contracts (43%), and crucial estate planning documents such as wills (43%).
When broaching the topic of future planning, nearly an equal percentage of respondents either have a will (45%) or are named in someone else’s estate plan (46%).
Half of those surveyed anticipate inheriting something from a relative upon their passing. Interestingly, respondents favored valuable heirlooms over sentimental ones (44% vs 27%). Furthermore, two out of five confessed they’d harbor envy if a family member received a larger inheritance.
In line with the adage “you can’t take it with you,” 47 percent lean towards conserving their money for forthcoming generations as opposed to spending it all during their lifetime (30%).
When asked about the most cherished item they wish to or have already inherited, responses ranged from tangible items like “My dad’s ring” and “a coin from my father” to more intangible treasures such as cherished family photographs, which serve as reminders of simpler times filled with fond memories.
“In this digital age, the intricate process of traditional estate planning needs simplification through a personalized online journey. With 64% of Americans favoring digital financial management, the importance of future planning shouldn’t be lost in convoluted procedures. Our aim is to simplify the legacy-creating process and champion digital end-to-end estate planning,” says Cody Barbo, Founder and CEO of Trust & Will, in a statement.
Nearly six in 10 (59%) were able to distinguish between a will and a trust. However, when tasked with discerning what a will comprises, there were gaps in knowledge. Most recognized that wills typically outline beneficiaries (65%), distribution instructions for assets (58%), and an executor (53%). Yet, misconceptions persisted, with some erroneously believing wills dictate rights to one’s assets during their lifetime (41%) or even contain details about debts (23%).
“The survey highlights a pivotal observation. While many Americans differentiate between a will and a trust, there’s a discernible void in understanding the nuances. It’s crucial to understand that these instruments can work in tandem, offering a comprehensive estate plan ensuring one’s assets are judiciously managed and bequeathed as intended,” Barbo adds.
Survey methodology:
This random double-opt-in survey of 2,000 general population Americans was commissioned by Trust & Will between September 15 and September 20, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
