Optimizing Collections: Mitigating Risk Management in Estate Recovery

Inflation has affected many aspects of the economy, with the cost of nearly everything rising – from non-discretionary expenses like food and housing to discretionary activities like entertainment and travel. Estate planning, while not something top of mind for most people, has also been affected. According to Caring.com’s 2024 Wills and Estate survey, a mere 32% of Americans possess an estate plan, marking a 6% decrease from 2023. This decline is attributed to the impact of inflation and the rising geographic income inequality in the U.S. Since 2023, 14% of adults attribute “lack of assets” to not prioritizing estate planning.