It might be hard to even start thinking about your will because it means you have to start thinking about your own mortality and that can be uncomfortable. But, let’s imagine you had to divide up your assets right now and give them all away.
24% of Americans say that would be impossible, because they have nothing to give. But for those who do, the average pie looks something like:
- 38% plan to give to charity
- 19% plan to give to friends
- 71% plan to give to spouse
- 68% plan to give to kids
- 34% plan to give to other family
- 38% plan to give to someone or something else
Now, keep in mind that this is an average, meaning some Americans may be offering all 100% to their family while others are giving a big chunk to “someone or something else”… a pet perhaps? We’re also looking at all Americans adults, not just the married ones, which explains why only 71% plan to give to a spouse. Among those who are married 86% plan to leave assets to their spouse.
Based on our data, it looks like less than 2 % of the U.S. population will be donating at least half of the assets in their will to charity. Notably similar to the Giving Pledge signed by Bill and Melinda Gates, Warren Buffett, David Rockefeller, Ted Turner, and many well-known affluent others, in which the majority of one’s wealth is promised to philanthropy.
Do you think every family has a responsibility to bequeath some of their assets to charity? Or, is this commitment only the obligation of the wealthy elite? How much do you personally plan to give to charity? And is there any part of you that would rather just spend it all before you go?
Kyle says
January 5, 2012 at 10:21 amInteresting questions, particularly given the current economic climate. I guess I’d start by pointing out that ‘wealthy’ is a relative term. $X in assets in Nebraska might make one ‘wealthy’, while the same $X in assets in NYC might not even be enough to get by. With that said, though, I think the bottom line (for me, at least) is that the first priority should be to make sure your family is taken care of. Beyond that, the more that can go back into the system for those who need it, the better.
James says
January 9, 2012 at 5:34 pmFor me, donating is always from the heart…but it also helps when they make it so easy (like adding a dollar to my bill while checking out at the grocery store).