The percentage of Americans possessing estate planning documents such as wills, trusts or power of attorney has dropped considerably to only 51 percent. What’s behind the fall off? According to the study by Lawyers.com three quarters of those surveyed said the current downturn has made it even more difficult for them to plan for the future, and nearly half indicated they are more focused on "the essentials" right now.

While this study surveyed all Americans, financial advisors have indicated that a surprisingly large number of affluent Americans also have neglected to prepare or update critical estate planning documents.

"The survey reveals an interesting trend toward sacrificing long-term planning in lieu of meeting short-term needs, which is understandable during a recession, but is a cause for concern if the unexpected were to take place," said Sharon Lubrano, product champion for Client Development at LexisNexis.

The study notes that the percentage of Americans with estate planning documents across all categories (wills/ living wills, power of attorney, and trusts) has decreased considerably since 2007. In 2004, 55 percent of Americans reported having estate planning documents; that number increased to 64 percent in 2007, and declined to 51 percent in 2009.

Here is a breakdown of the specific estate planning documents:

• Will: 42 percent (2004), 45 percent (2007), 35 percent (2009)
• Power of Attorney (for finances or healthcare): 33 percent (2004), 46 percent (2007), 29 percent (2009)
• Trust (living trust or other trust agreement): 21 percent (2004), 31 percent (2007), 18 percent (2009)

Indications are that the drop in estate planning documents is partly due to the economic downturn, which has caused Americans to be more concerned with short-term priorities and uncertainty in planning for the future.