The ongoing health crisis has been an eye-opener for many people in San Diego, throughout California and across the nation. Often, people are under the mistaken impression that estate planning can wait until “later.” However, with the passage of time, people face challenges that show them the importance of being prepared not just for themselves, but for their loved ones. Estate planning is a fundamental aspect of protecting family members for every eventuality. Research indicates that a growing segment of people age 25 to 40 – so-called “millennials” – are moving forward with estate planning. For anyone who has yet to craft even a basic estate plan, it is imperative to understand its value.
Study assesses estate planning trends
According to an online entity that provides estate planning guidance, the pandemic has been a major factor in millennials having estate plans. Its research says that 17% of almost 20,000 people in the millennial category who created estate plans in 2020 did so because of the pandemic. The company says that 60% of Americans do not even have the most basic aspect of an estate plan – a will. The health crisis was a catalyst for younger people who would generally shun an estate plan to create one.
Other reasons for the spike in millennial estate planning were a child being born (38%), and general life planning (13%). Millennials are especially focused on charities and caring for their pets. Around 75% named a guardian for their pets as part of their estate plan. Seven percent earmarked part of their estate or a certain amount for charities. One percent named a charity dedicated to Black Lives Matter as a recipient. Millennials were concerned about end of life issues with nearly half asking for cremation and one-quarter seeking a conventional burial.
Proper estate planning can address many issues
As millennials become attentive to the importance of estate planning, there is still a substantial faction of the adult population who are not aware of how vital it is. Whether the person wants a will, a trust, hopes to protect their assets, needs an advance health care directive, wants a power of attorney or is thinking about estate planning for any other reason, it is beneficial to understand the ins and outs. Cobbling together an estate plan tailored to the individual needs is key and a firm with experience in helping people with these matters is a positive step.