San Francisco, CA, August 31, 2017 - Rocket Lawyer, the leading online provider of affordable legal services for consumers and small business owners (SMBs) announced today the findings from their 2017 Make-A-Will-Month survey. The results found that 72% of SMBs do not have a succession plan for their businesses, and that the majority of Americans do not have a Will in place.
Rocket Lawyer has surveyed American consumers since 2011, and released data in an annual report illustrating the knowledge gap in estate planning. Year-over-year, from 2011 - 2016, Rocket Lawyer's estate planning data revealed that over half (51.3%) of Americans do not have a Will in place.
This year, Rocket Lawyer added an additional survey focused on SMBs to highlight how critical it is to have a proper succession plan (or Business Will) in place to legally protect small business owners and their families. Typically, a significant portion of the wealth and income for SMBs and their families and/or beneficiaries (as well as any business partners you may have) is tied up in the business, so it's important your wishes are communicated before you pass or have a change of life circumstance occur.
"We all lead very busy lives and while the average adult and small business owner knows they should create an estate plan, many procrastinate, leaving their assets as well as businesses at risk," said Charley Moore, Founder and CEO of Rocket Lawyer. "Drafting a Will enables people to specify their final wishes, take care of loved ones, protect assets, businesses and prevent family disputes.
Additional key findings from Rocket Lawyer's Make-a-Will-Month survey include:
- Seventy-five percent of consumers said that online bank/financial accounts are the most important digital assets, and the one they are most likely to pass on to loved ones
- Thirty-nine percent of consumers when asked if they'd like their social media footprint to live on after they are deceased answered that they "hadn't thought about it yet."
- Year-over-year, the number one reason why more than 50% of consumers do not have a Will in place is because they "haven't gotten around to it yet."
- Eighty-seven percent of small business owners were not aware that there are Wills that can be created to specifically protect their businesses.
For more information on Make-a-Will Month, please visit: https://www.rocketlawyer.com/make-a-will-month.rl
Methodology: Rocket Lawyer surveyed 600+ consumers ages 18 and over the week of August 8 - 16, 2017 and 150+ small business owners ages 18 and over the week of August 9 - 22, 2017. The survey was commissioned by Rocket Lawyer and conducted by SurveyMonkey. The margin of error is at the 95% confidence level for the overall results is plus or minus 4.5 percentage points.
About Rocket Lawyer:
At Rocket Lawyer, we believe everyone deserves affordable and simple legal services. Since 2008, we've helped millions of families and small businesses take care of their legal matters so they can focus on what really matters. From free legal documents and business incorporation to discounted rates with outstanding attorneys, we're there to help every step of the way. For more information on Rocket Lawyer, please visit https://www.rocketlawyer.com and follow Rocket Lawyer on Twitter, Facebook and Google+.
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This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.