Demand for Estate Planning is Booming Among Millennials

Estate planning among younger adults is on the rise. For the first time, millennials have overtaken baby boomers as the largest generation that is caring for both children and aging parents.

With millennials having more life responsibility, it is no surprise that more of them have gotten serious about estate planning.

What are some of the factors that have led to this increase?

• Millennials are either having children, taking care of aging parents or both.

• Millennials are beginning to acquire more valuable assets or get to a point in their careers where they are making more money, prompting them to give more thought to how they intend to deal with their possessions upon their death.

• The COVID-19 pandemic gave millennials a greater appreciation for their own mortality and encouraged them to begin thinking about their estate plans.

• Millennials are a charitable generation and have been thinking about what they can do to leave behind wealth and assets to organizations and causes they care about.

For more information about why it’s important for younger adults to have an estate plan, contact an experienced Tampa, FL attorney at BaumannKangas Estate Law.