72% Of American Millennials With Wills Created Or Updated Them In The Past Year
Name: Jeremy Eveland
Address: 8833 S Redwood Rd West Jordan UT 84088 USA
Phone: (801) 613–1472
Website: https://jeremyeveland.com
Facebook: https://www.facebook.com/attorneyjeremyeveland
Twitter: https://twitter.com/attyjeremyevlnd
Linkedin: https://www.linkedin.com/in/jeremy-eveland-b34300246
Youtube: https://www.youtube.com/channel/UC4HZzZVfmtL94C1lppT7dDA
Soundcloud: https://soundcloud.com/jeremy-eveland
West Jordan Map: https://maps.app.goo.gl/41ZfBDKRxFFZeENTA
Lindon Map: https://maps.app.goo.gl/s5n8fPV97ZB1aP128
Hours of Operation: Monday — Friday: 8:00am — 5:00pm; Saturday — Sunday: Closed
Categories: Business Lawyer; Real Estate Lawyer; Estate Planning; Probate Lawyer; Estate Administration Lawyer
Profile: Attorney Jeremy Eveland is a lawyer helping people with businesses, closing a business, selling a business, passing along a business, estates, probate cases. We do estate planning and probate law. We only work with a select clientele.
Learn more here, here or here.
Understanding Why 72% of American Millennials Created or Updated Their Wills in the Past Year
In recent surveys, it was revealed that an impressive 72% of American millennials created or updated their wills in the past year. This trend showcases a significant shift in how younger generations perceive financial planning and legacy management. Understanding the reasons behind this statistic is essential to grasp the evolving attitudes towards estate planning among millennials.
One of the main drivers for this change is the increasing awareness of the importance of estate planning. Millennials are now recognizing that having a will is not just for the elderly or wealthy. Rather, it is a necessary part of responsible adult life, allowing individuals to dictate how their assets will be handled after they pass. This shift signifies a broader understanding that preparing for the unexpected is vital.
Moreover, the events of the past few years have heightened this awareness. The COVID-19 pandemic has made many young adults reevaluate their priorities and think about mortality. Watching friends and family face serious health crises has encouraged these individuals to take action regarding their own futures. The thought that anyone can face the unexpected has led many millennials to act by creating or updating their wills.
Also, millennials are significantly influenced by technology. The rise of online legal services makes it more accessible and affordable than ever to create or modify a will. Gone are the days of scheduling appointments with lawyers. Now, you can craft a will with just a few clicks, often at a fraction of the cost. The convenience of these tools has contributed to the surge in the number of updated wills.
Another crucial factor is the changing family structures of today. Millennials are more likely to have non-traditional family dynamics, including blended families and unconventional relationships. This evolution requires thoughtful consideration in wills to ensure all parties are fairly represented. Millennials want to ensure that their partners, children, and even pets are cared for according to their wishes. This desire drives them to create or revise wills that reflect their current life situations.
Financial considerations also play a significant role. Many millennials are now entering stable careers and accumulating assets, such as homes or investments. This change in their financial landscape makes creating or updating a will an essential part of their financial responsibilities. Without a will, their hard-earned assets could end up in limbo or distributed against their wishes.
As millennials are becoming more financially savvy, they understand that a will is a fundamental part of financial literacy. You want to ensure your assets go to the right people and avoid potential conflicts among loved ones. This understanding reflects a broader trend toward mindfulness about money and future planning.
- Acknowledgement of Mortality: The pandemic has highlighted mortality, prompting many to take control of their legacies.
- Technological Advancements: Online platforms have made the will-writing process more accessible and affordable.
- Changing Family Structures: Modern family dynamics require updated wills to reflect current relationships.
- Financial Responsibility: As millennials build wealth, they see the necessity of a will to protect their assets.
In addition to all these factors, there is an increased focus on sustainability and philanthropy among younger generations. Many millennials are eager to leave a positive impact on the world after they are gone. This perspective encourages them to include charitable contributions in their wills, further motivating them to put their plans on paper.
Furthermore, the access to financial advisors and estate planners has grown, providing millennials with the tools and knowledge necessary to understand their options. They are more likely to seek professional advice, which can lead to the creation or updating of wills. These advisors can help tailor documents that reflect not just financial goals but personal values as well.
It’s evident that millennials are taking steps to ensure their future and the future of their loved ones. With a blend of technology, changing social norms, and a newfound awareness, the trend of wills being created or updated is likely to persist. This movement signifies a positive and proactive approach to estate planning among younger generations.
By recognizing these changing dynamics in estate planning, it is clear why an increasing percentage of American millennials feel compelled to create or update their wills. They are taking charge of their legacies in an unprecedented way, ensuring their wishes are honored and their loved ones protected.
The Importance of Estate Planning for Millennials
Estate planning might seem like a distant concern for many millennials, but recent statistics reveal its growing significance. Surprisingly, 72% of American millennials have created or updated their wills in the past year. This figure shows a promising trend among a generation often criticized for procrastination in financial matters. A proactive approach to estate planning is more important than ever, especially in today’s unpredictable world.
Understanding the basics of estate planning can empower you to take control of your future. Estate planning isn’t just for the wealthy or those nearing retirement; it’s for anyone who values their possessions, relationships, and future. By having a solid plan in place, you ensure that your assets are treated according to your wishes. Here’s why you should prioritize estate planning:
Protecting Your Loved Ones
One of the primary benefits of estate planning is ensuring your loved ones are taken care of. You might think you don’t have much to protect, but even small assets can have a significant impact on your family’s financial well-being. When you create a will, you can designate who inherits your belongings, including:
- Personal possessions — items like jewelry, electronics, and collectibles.
- Financial assets — bank accounts, stocks, and retirement funds.
- Real estate — any property you own, such as your home.
- Digital assets — social media accounts, digital currencies, and other online content.
Avoiding Family Disputes
When someone passes away without a clear plan, it can lead to disputes among family members. Having a will reduces ambiguity and potential conflict. By outlining your wishes, you help maintain family harmony. This can be especially crucial for millennials who often have blended families or complex relationships. Clear communication in the form of a legal document can prevent misunderstandings and hard feelings down the line.
Planning for the Unexpected
Life is full of uncertainties. Accidents and health crises can occur without warning. Having a comprehensive estate plan allows you to articulate your wishes for various scenarios, including:
- Healthcare decisions — specify who makes medical decisions on your behalf if you’re unable.
- Financial management — outline what happens to your finances in case of incapacitation.
- Child guardianship — choose who will take care of your children if something happens to you.
By planning ahead, you ensure that your preferences are respected, even in challenging situations.
Maximizing Your Assets
Estate planning doesn’t just protect your loved ones; it also ensures that you maximize the value of your assets. This can involve:
- Minimizing taxes — a well-structured estate plan can help reduce the tax burden on your heirs.
- Business succession — if you own a business, an estate plan can help ensure a smooth transition.
- Charitable giving — decide how you want to give back, even after you’re gone.
These considerations can extend the benefits of your hard work to future generations.
Creating Peace of Mind
Ultimately, a solid estate plan provides peace of mind for both you and your loved ones. Knowing that you have a strategy in place allows you to focus on living your life without worrying about the future. You can feel secure that your wishes will be honored and your family is protected.
With 72% of American millennials taking action by creating or updating their wills recently, it’s clear that this generation is recognizing the importance of estate planning. If you haven’t taken that step yet, consider seeking the advice of estate planning professionals. They can guide you through the process, ensuring that your intentions are well-documented and legally binding.
Estate planning is more than just a task on your to-do list. It is a crucial step in securing your future and the future of your loved ones. By making informed decisions now, you can safeguard your assets and leave a lasting legacy. Don’t wait — take charge of your estate today for a more secure tomorrow.
Common Misconceptions About Wills and Estate Planning
When it comes to wills and estate planning, many people hold onto misconceptions that can lead to confusion and stress. Understanding the truth about these important documents can help you make informed decisions about your future and your loved ones. Let’s clear up some common myths surrounding wills and estate planning.
One prevalent belief is that only wealthy individuals need a will. This misconception could not be further from the truth. Regardless of your financial status, a will is essential. It outlines how you want your assets to be distributed after your death, ensuring your wishes are honored. Without a will, your estate will be settled according to state laws, which may not reflect your intentions. Everyone, from young adults to retirees, should consider having a will.
Another common myth is that wills are only for the elderly. In reality, age is not the only factor influencing the need for a will. Life circumstances, such as marriage, having children, or significant changes in your financial situation, are all reasons to create or update your will. It’s never too early to plan. Many experts recommend that young adults, especially those with dependents or assets, should have a will in place.
Many believe that creating a will is an overwhelming and complex process, requiring expensive legal assistance. While having a lawyer can be beneficial, it is not always necessary. There are many online resources and templates available that can simplify the process. Additionally, some states offer do-it-yourself will kits that are easy to follow. It’s crucial, however, to ensure that any will you create meets your state’s legal requirements.
A widespread misconception is that merely having a will avoids probate. While having a will is vital, it does not automatically exempt your estate from probate court. Probate is the legal process by which a deceased person’s estate is settled. Wills are part of this process, and while they can make settling the estate easier, the process can still be lengthy and costly. To potentially avoid probate, individuals might consider establishing a trust, which can allow for more direct transfer of assets upon death.
Some people think once they draft a will, it remains valid indefinitely. However, life changes can impact your will. Major events such as marriage, divorce, the birth of a child, or the acquisition of new assets should prompt a review of your will. Keeping your estate plan up to date ensures that your current wishes are reflected in the document. It’s good practice to review your will every few years or after significant life changes.
Another frequent assumption is that if you don’t have a will, your assets will automatically go to your spouse or children. This isn’t always the case. If you die intestate (without a will), state laws dictate how your assets will be distributed, which may not align with your desires. In some situations, your assets could even go to distant relatives or the state. A will gives you control over how your estate is managed and distributed.
The belief that estate planning is unnecessary for single individuals is also misleading. Even if you don’t have a spouse or children, you likely have assets, debts, or even pets. A will allows you to determine who manages and inherits your belongings. It also enables you to name guardians for your dependents, ensuring they are cared for by someone you trust.
Here are some points to consider regarding wills and estate planning:
- Planning is for everyone: Everyone can benefit from an estate plan, regardless of wealth.
- It’s essential to update: Review your estate plan regularly, especially after big life events.
- Probate is a reality: Wills do not automatically bypass probate, so understand the process.
- It’s about more than money: A will can cover guardianship for children and pets.
- Legal help is not mandatory: Many resources exist to help you draft a will yourself, if needed.
Understanding these misconceptions is the first step in effective estate planning. By dispelling these myths, you empower yourself to create a plan that reflects your wishes and protects your loved ones. Whether you are a millennial considering your first will or a retiree updating an existing plan, take charge of your estate today.
Your future is too important to leave to chance, so ensure your estate planning reflects your true intentions. Remember, planning today can provide you with peace of mind for tomorrow.
How to Get Started with Writing Your Will
Writing your will is an important step in ensuring that your wishes are fulfilled after you pass away. If you’re among the 72% of American millennials who created or updated their wills in the past year, you might be wondering how to get started. Here’s a straightforward guide to help you through the process of writing your will.
1. Understand the Importance of a Will
Before diving into the writing process, it’s essential to grasp why having a will matters. A will allows you to:
- Decide who inherits your assets.
- Choose guardians for your children.
- Specify your wishes for funeral arrangements.
- Avoid potential family disputes.
Understanding these benefits can motivate you to take action and create or update your will.
2. Gather Necessary Information
To write a clear and concise will, you’ll need to collect specific information, including:
- List of Assets: Make a detailed inventory of your belongings, including properties, bank accounts, retirement funds, and valuable items like jewelry or art.
- Beneficiaries: Decide who will receive each asset. You can choose family members, friends, charities, or organizations.
- Guardianship Preferences: If you have minor children, think about who you want to serve as their guardian.
- Personal Details: Ensure you have your legal name, address, and any other necessary identification.
3. Decide on the Will’s Format
Next, choose the format that suits you best. You have several options:
- Handwritten Will: Often called a holographic will, this is written entirely in your handwriting. While it can be valid in many states, it’s best to check local laws.
- Typed Will: This is prepared using a computer and is often more legible and organized. You can draft this yourself or use templates.
- Online Services: Numerous online platforms provide user-friendly tools for will creation. This option can save time and ensure all legal requirements are met.
- Consult a Lawyer: If your estate is complex, or if you’re unsure about the process, meeting with an estate planning attorney can give you peace of mind.
4. Draft Your Will
Once you’ve gathered your information and decided on a format, it’s time to write your will. Be clear and specific in your instructions. Here’s a basic structure to help guide you:
- Title: “Last Will and Testament”
- Declaration: State your name, address, and a declaration stating that this is your will.
- Appointment of Executor: Name the person who will carry out your wishes.
- Distribution of Assets: Clearly state who gets what.
- Guardianship: Specify guardians for minor children.
- Sign and Date: Sign your will in front of witnesses, as required by your state.
5. Review and Update Regularly
Creating your will is just the beginning. Life changes such as marriage, divorce, or the birth of a child can alter your wishes. Make it a habit to review your will regularly, at least every few years or whenever significant events occur. Keeping your will current ensures it reflects your most recent desires.
6. Store Your Will Safely
After drafting your will, proper storage is crucial. Consider these options:
- Safe Deposit Box: A secure choice, but ensure your executor knows how to access it.
- Home Safe: Keep it in a place that’s safe from fire or water damage.
- Attorney’s Office: If you consulted a lawyer, they can keep your will for you.
Writing your will can seem daunting, but breaking it down into manageable steps makes it straightforward. By taking the time to reflect on your wishes and document them properly, you’re not just protecting your legacy; you’re providing peace of mind for yourself and your loved ones. You’ve got this — start today!
The Role of Digital Tools in Modern Estate Planning
In the rapidly evolving landscape of estate planning, digital tools have emerged as game-changers, making the process more accessible, efficient, and user-friendly. These tools offer solutions tailored for individuals at every stage of life, guiding them through the intricate process of preparing for the future. With technology at their fingertips, users can manage their estate planning needs from the comfort of their homes.
One major advantage of digital tools in estate planning is their ability to simplify complex legal jargon. Estate planning often involves intricate terminology that can overwhelm many people. Digital platforms break down these concepts into simple language, ensuring that you can grasp essential ideas without needing a law degree.
Many online estate-planning tools offer customized templates and guided questionnaires that adapt to your unique situation. This personalized approach helps you determine what documents you need, whether it’s a will, trust, or healthcare directive. By answering straightforward questions, you can tailor your estate plan to fit your specific needs.
Accessibility is another significant benefit of using digital tools in estate planning. Traditional methods often involve scheduling consultations with lawyers, which can be time-consuming and inconvenient. Digital platforms allow you to create and update your estate plans anytime and anywhere with internet access. This flexibility caters especially to younger generations who are more comfortable using technology in their daily lives.
Moreover, utilizing digital tools can save both time and money. Hiring a lawyer for estate planning can be expensive, but many online platforms offer affordable solutions. Some even provide free resources, such as articles, podcasts, and videos, that educate users about the various aspects of estate planning.
The use of digital tools also addresses the growing need for updated estate plans. According to recent surveys, many people create or update their wills infrequently, often only when significant life events occur. Digital tools encourage regular updates, reminding you to revisit your plans periodically. This proactive approach ensures that your estate plan remains relevant and reflective of your current wishes.
Some digital platforms also offer features for collaboration and sharing, empowering you to work with trusted family members or advisors when making crucial decisions. For instance, secure sharing options enable you to provide access to certain documents for family members or executors, allowing them to stay informed about your wishes. This can ease potential conflicts and promote transparency in decision-making.
Another noteworthy aspect is the integration of digital tools with secure storage solutions. Many platforms use encryption to protect your sensitive information, ensuring that your personal details and estate planning documents remain confidential and safe from unauthorized access. This level of security is essential in today’s digital age, where data breaches can occur.
As you navigate the world of digital estate planning, you might come across various tools and features that cater to your needs. Here are some key digital tools to consider:
- Estate Planning Software: These comprehensive programs guide you through the process of creating wills, trusts, and other legal documents. They often include interactive interfaces that walk you step-by-step through critical decisions.
- Online Will Creators: Simple platforms allow you to create basic wills quickly and efficiently, catering primarily to younger individuals and families without extensive assets.
- Document Storage Solutions: Services focused on securely storing your estate planning documents ensure that you or your loved ones can easily access them whenever needed. Look for those with backup options to safeguard against data loss.
- Collaboration Tools: Access to features that enable you to collaborate with advisors or family members can streamline discussions and planning processes.
- Estate Planning Apps: Mobile applications can help you keep track of your estate planning documents and send reminders for updates or necessary actions.
As digital technology continues to advance, it is essential to stay informed about new tools and platforms that can aid in estate planning. The integration of these tools not only simplifies the process but also empowers you to take charge of your future. Whether you’re just starting or looking to update an existing plan, embracing digital estate planning resources can enhance your experience while ensuring your wishes are respected.
Ultimately, the involvement of digital tools in estate planning signifies a major shift towards modernization and accessibility, making it a vital option for navigating this important life task. You have the power to harness these resources to create a plan that safeguards your future and that of your loved ones.
Key Takeaway:
The significant statistic that 72% of American millennials created or updated their wills in the past year underscores a pivotal shift in how younger generations approach estate planning. Understanding why this surge occurred reveals a growing awareness among millennials of the importance of securing their legacies and protecting their loved ones. For many in this demographic, recent life events, whether they be the pandemic or personal milestones such as marriage or parenthood, have catalyzed a more proactive stance towards planning for the future.
Moreover, the importance of estate planning for millennials cannot be overstated. It goes beyond mere financial considerations; it encompasses emotional and relational dynamics. Many young people now recognize that drafting a will is an essential act of care for family and friends, ensuring that their wishes are honored, and easing potential burdens on loved ones during times of grief. This perspective emphasizes that estate planning is a responsible step toward maturity and long-term thinking.
Additionally, common misconceptions about wills and estate planning often deter individuals from starting the process. Many millennials mistakenly believe that estate planning is only for the wealthy or that it involves complex legalities best left to older generations. This misunderstanding is changing, particularly as discussions about mental health and preparedness take center stage. Clear communication about estate planning can help demystify the process and highlight its accessibility to all, regardless of wealth.
Getting started with writing your will has never been easier, thanks to various digital tools that simplify estate planning. Online will-making services and resources empower millennials to take control of their estates from the comfort of their homes. By leveraging these tools, you can navigate the complexities of wills, ensuring your wishes are clearly outlined.
Ultimately, the 72% statistic is a clarion call for millennials to embrace estate planning as a necessary part of adulthood. With the right knowledge and resources, you can make informed decisions that safeguard your future and offer peace of mind. Understanding these trends and dynamics can not only inspire you to create or update your will but also foster a culture where estate planning is viewed as a normal, essential part of life.
Conclusion
The trend of 72% of American millennials creating or updating their wills in the past year reflects a significant shift in how this generation views estate planning. No longer viewed as a task only reserved for the elderly, millennials recognize the importance of preparing for unexpected events. By engaging in estate planning, they not only protect their assets but also ensure that their wishes are honored, providing peace of mind for themselves and their loved ones.
It’s crucial to address the common misconceptions surrounding wills and estate planning. Many young adults believe that only the wealthy need a will, when in reality, everyone can benefit from having a plan in place. By debunking these myths, millennials can empower themselves to take control of their future.
Starting the journey of writing a will might seem daunting, but it doesn’t have to be. Breaking it down into manageable steps makes the process more approachable. Utilizing digital tools can streamline estate planning, offering user-friendly options tailored to the needs of today’s tech-savvy generation. These resources provide guidance and support, making it easier than ever to create a legal document that reflects personal wishes and circumstances.
As we move forward, it’s clear that millennials are taking proactive steps toward securing their legacy. By understanding the importance of estate planning and utilizing modern tools, they are not only planning for themselves but also setting a positive example for future generations. Whether you are ready to draft your will or simply exploring your options, the time to act is now. Making these decisions today can lead to a more secure and intentional tomorrow.
