More millennials are writing their wills in case they die unexpectedly in recent years than ever before and many are citing COVID-19 a...
More millennials are writing their wills in case they die unexpectedly in recent years than ever before and many are citing COVID-19 as the reason.
More than 30 per cent of adults under the age of 35 cited the COVID-19 pandemic as a reason for wanting to get their affairs in order, a 2020 LegalZoom and Caring.com survey found, causing an almost 10 per cent increase in 18 to 34-year-olds having wills.
Only 18 per cent of 18 to 34-year-olds had wills in 2019, compared to 27 per cent in 2021. There was a decline in 2020, with only 17 per cent of young adults investing in estate planning.
The number of millennials who have wills has spiked almost 10 per cent in two years, with many citing the COVID-19 pandemic as their reasoning
More than 30 per cent of adults under the age of 35 cited the pandemic as their reasoning, as many worry about family members becoming ill. With breakthrough cases and people of all ages succumbing to the virus, more people are organizing their affairs (pictured: stock image)
Like many, Investment Advisor Ryan Bayonnet, 29, changed his mind about how pressing these legal documents were to him when the pandemic hit, after writing it off for so long because he and his wife Bricey, 28, do not have children. Considering his wife Bricey, 28 plans to become an emergency-room physician, they made the decision to write their wills in September after several medical professional were coming down with the illness.
The Ohio man considered it a 'game-changer' when his wife asked if he'd 'want to be put on a ventilator.'
Kimberly Onsager, 38, who is single and lives states away from her parents, told the Wall Street Journal she felt vulnerable without having a will. She created hers for $100 on an online will-creation site. The price to draft a will can change depending on several factors from do-it-yourself to hiring an attorney to the size of the estate in question.
'I wanted to be safer than sorry,' she told the Wall Street Journal.
Like Bayonnet and Onsager, many millennials are following suit, according to the Wall Street Journal.
'Millennials are saying: "let me plan now as I'm not going to live forever,"' lawyer Avi Kestenbaum told the Wall Street Journal. The lawyer saw a rise in younger people drafting wills when the Delta variant was in full swing and expects to see another as the Omicron variants spreads across the globe.
The concern over family members becoming ill has caused 50 per cent adults to engage in estate planning, according to Caring.com.
Eighteen to 34-year-olds were also the most motivated by the pandemic to write-up wills, compared to middle-aged to aging people, which were at 23 and 16 per cent, respectfully.
A 29-year-old investment advisor Ryan Bayonnet, from Ohio, said it was a turning point when his wife - a soon-to-be emergency room physician - asked if he had to be, would he want to be put on a ventilator. They drafted their wills in September. Despite the increase in millennials drafting up wills, older people make up for the majority who have them (pictured: stock image)
Despite the increase in will-owners, just under 50 per cent of Americans have one, with older people still making up the majority.
With breakthrough COVID-19 cases and all ages succumbing the virus, millennials are even encouraging their parents to complete their wills, not only to make it easier for the time comes, but for peace of mind.
Kerry Deliz, 38, reminded her parents, who are in their mid-60s, to write their wills - which they plan to finish by Christmas.
'My mom always told me: "The last gift you leave your family is a plan that is organized so they can properly grieve instead of hunting down paperwork and signatures,"' she told the Wall Street Journal.
Without a will, after death, the state determines how to distribute one's assets under the supervision of a court and could end up being more costly for living family members.
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