The pandemic made many people take a hard look at their career path, personal residence, financial savings, and estate plans. Many people who had no plan in place before took steps forward to protect their interests in the event of sudden incapacity or death.
No matter your age, you could benefit from a will. That seems to be a point well taken by millennials, many of whom are decades away from retirement. As a generation, many of them are financially savvy, and more of them stepped up to the plate with estate planning recently, too.
A recent study on millennials and estate planning identified after interviewing 20,000 millennials that nearly 80% of them had created a will in 2020, with approximately one quarter of them stating that this was directly as a result of the pandemic.
Most millennials are likely to create an estate plan after the birth of a child. However, charitable causes and pets also showed up at the top of the list for concerns of these millennials.
The study also asked questions about end of life planning issues, such as traditional burials versus cremation and organ donation. Approximately one third of millennials preferred a celebration of life ceremony instead of a traditional funeral.
Even as a young millennial when your chances of passing away are much lower than in older ages, it is important to use the experience of a knowledgeable estate planning professional to help you chart out what documents you will need to protect yourself while you are alive, such as a power of attorney as well as those documents that can be instrumental in assisting your family members when you pass away. Schedule a consultation with an estate planning law firm in Pasadena today.