A new report has highlighted that more millennials than ever in the US have written a will because of the Covid-19 pandemic.
The Daily Mail reports that they cite dying unexpectedly as the main reason, with at least 27 percent of 18-34-year-olds having a will in 2021, compared to only 18 percent in 2019—almost a 10 percent increase.
Those millennials are also encouraging their parents to complete their will so that all members of families have peace of mind.
Pandemic the reason for estate planning
The survey carried out by LegalZoom and Caring.com questioned adults aged under 35. More than 30 percent of adults aged under 35 said the pandemic was their reason for estate planning, and many of them worried about family members becoming ill. The pandemic has seen people of all ages affected, which is perhaps why younger people are more concerned with ensuring they have a will in place.
The Daily Mail quoted a US-based investment advisor called Ryan who wrote his will in September, having put it off beforehand because he and his wife do not have children. His wife is planning to work in the emergency room, where many medical professionals have been struck by the virus.
The paper also quoted a 38-year-old woman who lives states away from her parents told the Wall Street Journal she felt vulnerable not having a will and created hers through an online site specifically for the purpose.
Most wills still made by older people
Lawyer Avi Kestenbaum told the Wall Street Journal that millennials wanted to plan now, with a rise in younger people drafting wills during the rise in Covid case numbers. Despite the rise in millennials writing wills, however, just under 50 percent of Americans have one, with most wills in the possession of older people.
Another woman, a 38-year-old reminded her mid-60s parents to write their wills. Her mother had always told her that the last gift you leave your family is organisation so that they do not need to hunt down paperwork.
While many millennials will not think they have enough assets to make drawing up a will worthwhile, especially if they do not have children there are good reasons for doing so – such as the need to communicate clearly with your loved ones. Examples might include guardianship for a pet or what you would like done with any intellectual assets you might have created, such as books or blogs, or artwork.
Finders International have a Missing Will service . If you would like further information on this service, you can contact us via email: [email protected] or telephone: +44 (0) 20 7490 4935.