It is uncomfortable for many Americans to think about incapacitation and death. Therefore, it should come as no surprise that many put off creating comprehensive estate plans. In fact, according to a Gallup survey, only 45% of adults in the U.S. say they have prepared some time of planning document.
Interestingly, younger adults are more likely to have estate plans than those in their 40s and 50s. That is, Caring.com’s estate planning survey found roughly 63% of millennials have wills. Millennials have birthdates between 1981 and 1996.
A major cause of the popularity of estate planning among younger adults is the recent global health crisis. This crisis has encouraged millennials to plan for end-of-life care. Specifically, many younger Americans have decided to create advance directives and living wills. They have also opted to designate health care proxies who can make medical decisions on their behalf when necessary.
Millennials tend to be more comfortable with using social media platforms than older Americans. Consequently, these individuals often receive estate planning encouragement from those they follow. They also have access to different types of technology, which may make the estate planning process easier for them.
Even though the ends of their lives are likely decades away, millennials also have a sense of personal responsibility. Specifically, these younger Americans want to maintain as much control as possible over medical care, division of assets and other estate planning matters.
Ultimately, rather than leaving critical matters to chance, millennials understand the importance of both performing initial estate planning and regularly reviewing the plans they create.