Most Millennials Don’t Have Estate Planning as Their First Priority

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Millennials and Estate Planning

What Millennials Think About Estate Planning

In a new study conducted by Trust & Will, a California company, 52,000 millennials were surveyed about their opinions on estate planning. As a refresher, millennials fall between Gen X and Gen Z. If you were born between 1981 and 1996, you are a millennial. Millennials are considered the most racially and ethnically diverse adult generation in the nation’s history.

The main takeaway from the study is that millennials, who make up the largest share of the workforce, continue to face significant obstacles to achieving financial stability compared with previous generations at their age. As they move into new life stages, this generation is becoming the ‘sandwich generation.’ This means as they bridge two generations with need. They now encounter new financial burdens, like both childcare and eldercare, that cost more than ever.

Many millennials want to buy property, but it’s more difficult than ever with sky-high home prices, low inventory, and continually rising interest rates. The study shows all of these pressures are making the generation extremely stressed. They do not see the stability they expected as they enter middle age, saying that they “can’t afford to have a midlife crisis” as did previous generations.

Summary of Survey Results

According to the survey, millennials are thinking about estate planning, but few have any sort of estate plan in place. The specific statistics:

  • 62% of Millennials don’t have a Will or Trust
  • 34% of this generation do not know whether their parents have an estate plan.
  • 83% of Millennial pet owners assigned a guardian specifically for their pets.
  • Only 58% of Millennials have discussed estate planning with older generations in their family.

While millennials are in the prime of their life, it’s a good idea to have a solid estate plan in place. Life is uncertain, so you need to plan for the unexpected. If you want your partner to continue to live in your house after you die, or if you want to make sure your children and pets are cared for, you need to have an estate plan set up—just in case. Millennials are great at DIY, but when it comes to legal matters like wills and trusts, it’s best to consult a professional. We can also help you tailor an estate plan that fits your financial goals and protects your wealth for the future.