First Study On Millennial Estate Planning Finds Surge In Wills Due To The Pandemic
The results of the study revealed that of the 20,000 millennials who completed estate planning documents, 78% made a will in 2020 and 17% of them stated that “2020/The Pandemic” was the main reason for creating an estate plan.
Nearly half of millennials made an estate plan after the birth of a child, however, pets and charitable causes were also a main focus of millennials’ estate plans. “Nearly all (78%) of millennial pet owners appointed a guardian for their pets. Millennials who selected to bequest a gift to charity most frequently chose St. Jude’s Children Research Hospital, Planned Parenthood, and the ASPCA as beneficiaries.”
Also, 26% of millennials stated that they wanted to donate their organs. “The most common final resting place choice was cremation (47%), followed by a traditional burial (25%). Almost half of millennials (35%) prefer a celebration of life ceremony over a traditional funeral. Millennials also included specific song requests for memorials, including various artists like Whitney Houston, Bob Dylan, and Jack Johnson.”
It is clear that the COVID-19 pandemic catapulted a positive trend in estate planning, with millennials playing a vital role.
See First Study On Millennial Estate Planning Finds Surge In Wills Due To The Pandemic, February 4, 2021.
Special thanks to Deborah Matthews (Virginia Estate Planning Attorney) for bringing this article to my attention.