Why are Millennials increasingly establishing estate plans?
Updated: Sep 27
Our readers have likely noticed that estate planning has become a much more popular topic over the last few years. In such turbulent times, often a way that we can take back some semblance of control is through an estate plan. After all, we may not be able to avoid death, but we can, at least, plan for it. And, the one group that seems to be embracing this mentality the most are Millennials, especially those throughout New York.
Why the uptick in Millennial estate planning?
According to industry publication, Trust & Will, it is primarily because of children. Currently, this age group is the one having the most babies. Indeed, over a third of the 23,000 people that the publication surveyed, cited having children as their primary motivation for estate planning. Though, this group is also increasingly buying homes (9%) and expanding their wealth (8%), which all necessitates an estate plan. Another, 11% said their primary motivation was the loss of a family member.
The “sandwich generation”
Currently, Millennials are also the “sandwich generation,” which means that they are both taking care of their own children, as well as their parents. This means that if one of the spouses dies, the other spouse will be left with a huge caretaker responsibility, and having an estate plan and life insurance prepared ensures that the surviving spouse is taken care of, should he worse happen.
The survey found hat nearly 80% of pet owners set up a guardian for their pet. Another 10% said they set up a post-death bequest to a charity, including through charitable trusts. The five charities that toped the list were The Trevor Project, St. Jude’s Children’s Research Hospital, Girl Scouts of the USA and Planned Parenthood.
How to get started
For our Garden City and Babylon, New York, readers, along with those in the Hempstead, Nassau, and Suffolk Counties, they likely want to know where to begin. Of course, the easiest way to get the ball rolling is calling an estate planning attorney. Though, there are a lot of options for those seeking to protect their and their family’s interests.