Study: Millennials Rushing To Complete Wills As Pandemic Rages

"Millennials and Estate Planning in an Unprecedented Year," the first study that examines millennials' preferences for estate planning, found a surge in estate planning related to the pandemic.

According to the study, which evaluated the preferences of 20,000 millennials who completed estate planning documents, more than half (78%) set up a will in 2020, with nearly a quarter (17%) of them citing "2020/The Pandemic" as the primary reason for creating an estate plan.

While most millennials created an estate plan after the birth of a child (38%), this cohort also cares deeply about their pets and charitable causes. Nearly all (78%) of millennial pet owners appointed a guardian for their pets. Millennials who selected to bequest a gift to charity most frequently chose St. Jude's Children Research Hospital, Planned Parenthood, and the ASPCA as beneficiaries.

The Trust & Will study also explored end-of-life planning. A quarter (26%) of millennials specified wanting to donate their organs. The most common final resting place choice was cremation (47%), followed by a traditional burial (25%). Almost half of millennials (35%) prefer a celebration of life ceremony over a traditional funeral. Millennials also included specific song requests for memorials, including various artists like Whitney Houston, Bob Dylan, and Jack Johnson.

"We saw a huge increase in the number of Millennials completing wills last year, which is a positive trend considering that more than 60% of adult Americans do not have a will in place," says Cody Barbo, Founder and CEO of Trust & Will. "We decided to study the Millennial audience specifically to see how the unrest we experienced in 2020 acted as a trigger for younger audiences to consider their end-of-life and estate planning."

Since the beginning of the COVID-19 pandemic, the volume of individuals seeking estate planning solutions, especially online, has more than doubled as the realization of the impact of the virus has come to a head.

Methodology:
Trust & Will analyzed data from 17,925 individuals aged 25-to-40 in a proprietary study, exploring specific insights and behaviors of the millennial generation around estate planning. To view the full study, visit www.trustandwill.com/learn/estate-planning-study. To listen to the top requested memorial songs, visit the Trust & Will Spotify playlist. Visual graphics representing top findings from "Millennials and Estate Planning in an Unprecedented Year" can be found here.

ABOUT TRUST & WILL
Since 2017, Trust & Will has helped more than 180,000 members successfully plan their legacy. Headquartered in San Diego, CA, Trust & Will is on a mission to provide families a better way to plan for the future. We make estate planning simple, affordable, and accessible for everyone by providing a secure way to set up your plan online in minutes. We've modernized estate planning with a design-first approach, layered on top of incredible customer support to help people throughout the process. In response to COVID-19, Trust & Will launched the Frontline Heroes Initiative, which has provided more than 11,000 free estate plans to healthcare professionals and teachers. To learn more, please visit trustandwill.com.