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

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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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