What do millennials want?
This question stirs any number of answers these days.
When it comes to estate planning, however, we now have more answers.
A first-of-its-kind study recently pinpointed millennials’ preferences in estate planning and evaluated how their preferences have changed since the onset of the pandemic.
Read on to learn the eye-opening findings.
The Study: “Millennials and Estate Planning in an Unprecedented Year”
The new study is the first to examine millennials’ preferences in estate planning. Researchers evaluated the preferences of roughly 20,000 millennials, ages 25 to 40, who completed estate planning documents in 2020. Results offer insights into preferences for everything from final resting place to type of funeral (or lack thereof), organ donation wishes, to appointing pet guardians.
There’s even a Spotify playlist of millennials’ most requested memorial songs.
Key Findings of the Historic Study
Key findings of this historic study offer a window into how millennial preferences are marked by practicality, social responsibility, and sentimentality.
Among the key findings:
- Wills are the most commonly completed estate planning document among millennials (78%) compared to trusts (16%) and guardianships (6%)
- Having a child is the number one reason millennials said they decided to create their estate plans (37%). The pandemic came in second at 17%, with buying a home and marriage & divorce ranking third at 6%, respectively
- 74.48% said they appointed pet guardians in their wills
- 7% of those surveyed said they opted to leave a portion of their estate to charity
- 50% of millennials surveyed left specific directions in their wills regarding their funeral plans
- 38% completed healthcare documents, with the most frequent documents including a HIPAA authorization form, an advance healthcare directive, and a power of attorney
- 26% of millennials surveyed opted to donate their organs
As for final arrangements, the most common resting place choice was cremation, with 8% choosing to donate their bodies to science. Millennials appear to be turning away from burials and traditional funeral services.
Affordable Estate Plans for Millennials in Virginia
You might think an estate plan is an expensive undertaking – especially with all the do-it-yourself options out there! In 2021, this is simply not the case. Our firm offers affordable estate planning documents and packages that are custom and comprehensive. And unlike those DIY estate planning services, you won’t need to visit a notary in order for your documents to be executed. We can handle all of it in-house!
Reach Out to Schedule Your Estate Planning Consultation Today
From simple wills to guardianships, advance healthcare directives, and trusts – we can help you prepare everything you need for end-of-life planning and peace of mind. Learn more about our estate planning packages and reach out to schedule your consultation for affordable estate planning services today!