The events of 2020 – a pandemic, presidential election, social unrest – led many Millennials to begin estate planning, according to analysis from Trust & Will. The company examined data from nearly 20,000 individuals aged 25 to 40 years who reported creating their estate planning documents last year. While “having a child” was the number one reason Millennials embrace estate planning (38 percent), “2020” or “The Pandemic” came in second at 17 percent.
Millennials Embrace Estate Planning
What did they include in their estate plans?
- 79 percent designated a pet guardian in their wills;
- 38 percent completed health care documents (i.e. HIPAA authorization form, advanced directive, power of attorney);
- 50 percent specified they want to receive “extreme” medical care only if the benefits outweigh the burdens (suggesting they place a greater importance on quality of life);
- 26 percent opted to donate their organs;
- 50 percent included specific directions for their funerals; and
- 7 percent designated a portion of their estate or a specific dollar amount to charity.
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