The past 20 months have brought unexpected changes to all our lives and forced many of us to confront issues we were not prepared for. Millennials and wills were part of a 2021 estate planning survey by Caring.com. According to the survey, the past 2 years had a significant impact on millennials and wills: 27% of 18-34-year-olds had a will in 2021, compared to 18% in 2018. In addition, 32% of adults under 35 who have created a will said it was as a result of the Covid pandemic, according to LegalZoom. Many millennials have been worried about American politics and racial injustice during the past 2 years. Upheaval, stress and loss cause people to think differently about their lives and their futures, and to take action to protect their future.
A survey conducted by Caring.com found that over 60% of Americans do not have a will in place. Here are some additional interesting facts from the Trust & Will 2021 Estate Planning Survey:
• 78% of millennials completed a will
• 16% who chose to create a trust
• 6% opted for a guardianship
• 79.48% of pet owners created a pet guardianship
• 37% of millennials said having a child was #1 they decided to create their estate plans
• 17% said “2020” or “The Pandemic” prompted them to create an estate plan
• 6% of millennials said “Buying a home” and “marriage or divorce” prompted them to create an estate plan
• 13% made an estate plan due to “general life planning”
In addition, the millennials estate planning report showed that:
• 50% of millennials left specific directions in their wills regarding their funerals
• 38% completed their health care documents which most frequently include a HIPAA authorization form, advanced healthcare directive, and power of attorney
• 26% opted to donate their organs
Most people don’t understand the difference between a will and a trust, how to protect their assets from probate or how to ensure their child is cared for if something should happen to them. Education about the different types of estate planning documents, and which is best in your specific situation, is an important service provided by estate planning attorneys.
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 that your assets are distributed how you want if you should die unexpectedly. 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 630-382-8065.
AREAS WE SERVE: Cook, DuPage, Kane, Lake, and Will counties