The first-ever study on millennial estate planning trends was recently conducted, Millennials and Estate Planning in an Unprecedented Year. The study found that of millennials who made an estate plan in 2020, 17% of them said the COVID pandemic was the primary reason for creating their estate plan.
The study listed key trends in millennial estate planning:
• 78% of pet owners appoint a pet guardian
• 26% want to donate their organs
• 35% prefer a Celebration of Life Ceremony versus a burial (25%) or cremation (47%)
• charitable gifts most frequently were directed to St. Jude’s Children Research Hospital, Planned Parenthood, and the ASPCA
1. Consult An Experienced Estate Planning Attorney
Many millennials are comfortable with finding the information they need online, and taking a DIY approach to managing their finances. If you choose to use a DIY online will, it can be a good investment to hire an experienced attorney to review the will and make sure it is in compliance with your state’s probate laws and covers all your needs including digital assets and complete beneficiary designations.
2. Inventory Your Assets
You may not think you have many assets – but if you have a car, a bank account, social media accounts, a pet, student loans. a credit card – stuff – you have assets to protect. Make a complete and thorough list of all your valuables and all your debts, and how to access them.
3. Tell Someone You Trust
Once you identify your assets and you decide to protect them and your loved ones in case something happens to you by creating an estate plan, you need to tell someone. It’s not enough to have a will or a medical power of attorney. Someone you trust that these documents exist, and how to access them if something happens to you.
If you’re in your 20s or 30s you may think you’re too young to need an estate plan. But if you have stuff and loved ones you want to protect, you’re not too young to create an estate plan. You do need an estate plan – now, rather than later.
Estate planning is not something most millennials have experience with – but millennials need an estate plan. A knowledgeable estate planning attorney can help you ensure you are protected if you become ill and your assets are distributed how you want. For help setting up a will, trust and other estate planning assistance, contact the experienced estate planning attorneys at Estate and Probate Legal Group at 630-864-5835.