Interesting Stats About Millennials and Estate Planning
By now, a majority of millennials are in their 30s, with some approaching their 40s. This means they may be achieving a certain level of financial stability and starting a family
A majority of millennials do not yet have an estate plan in place. But the number of individuals in this generation who establish crucial estate planning documents is increasing each year, and will only continue to increase over the next decade.
Here are some interesting statistics about millennials and estate planning, for those who have already begun planning their estates:
- The most commonly used estate planning approach among millennials is a will-based estate plan (78%), followed by a trust-based plan (16%) and then followed by an estate plan that only includes an appointment of guardianship (6%).
- Most millennials who were surveyed reported having children (75%). This makes sense, considering many people do not start thinking about estate planning until they have kids.
- The largest reason reported by millennials for creating an estate plan was having a child (37%), followed by the pandemic (17%), general life planning (13%), buying a home (6%) and then marriage or divorce (6%).
- The states with the highest percentage of trust executions were California and Texas.
- The top charities listed in millennials’ estate plans were St. Jude Children’s Research Hospital (23%), Planned Parenthood (8%) and the ASPCA (6%).
These are just a few examples of statistics indicating how and why millennials are planning their estates. If you are starting to consider your own estate planning needs, reach out to an experienced Tampa, FL attorney at BaumannKangas Estate Law for assistance.