Estate Planning - the Young Folks are Stepping Up!

What changes are in the air? What impact has a pandemic and social upheaval had on Estate Planning trends in the U.S.? A recent survey by Caring.com and YouGov asked participants to share their experiences. Do they have a Will or Estate Plan in place? Why or why not? The survey also divided feedback by age group and found some surprising results.

With recent numbers showing a rise to 33% of the adult population having a Will Plan in place, the 18-34 year olds have had a surge in action, with a 50% increase in the number of young adults who have completed Estate Planning Documents. Many of them mentioned the pandemic as a motivating factor, with many of them experiencing first-hand the effects of older generations properly making, or not making, provisions for a younger generation.

Some young people have seen how lacking a Will leads to an expensive and time-consuming Probate process in the courts. Others have seen how complicated it can be to access health records of a loved one if legal authorizations have not been given. And others can attest that the unmet needs of children or pets—or just the management of daily affairs—by an ill or dying family member makes huge ripples in a family. Perhaps for such reasons, the younger age bracket has become nearly as likely as the middle-aged 35-54’s to have their affairs in order, including wishes and guidelines for health care (Advance Directive) and finances (Power of Attorney).

Not surprisingly, those personally effected by Covid-19 have seen a big rise in planning activity, with 6% more likely to have a Will in place than those who have not experienced serious illness. This trend points to a key reason that Estate Planning matters at every life stage and every income level. Regardless of assets, health, or relationship status, we all want to have a say in how our health and finances are managed if we pass away. And a good Estate Plan also designates someone to make decisions for you if you can no longer act for yourself.

So how are these young folks getting the ball rolling? They might talk with a friend or family member for advice, scroll through some websites, listen to an inspiring podcast or two and then pick up the phone. After a consultation and conversation with an estate planning lawyer, it is only a matter of a couple of weeks for legal documents to be prepared for a signing. And there it is! A plan in place.

This process at Hillsborough Wills & Trusts is really quite simple. In most cases, the planning process involves a free one-hour consultation and an information form filled out by the client. From this meeting, our attorney creates the necessary documents which are then reviewed by the client. Any necessary changes are made and a date is set for a signing.

Our friendly legal team at Hillsborough Wills & Trusts can support through this process as you as you Build Your Circle of Security.

Call us for a free consultation at 919-245-8440 or contact us today at: https://hillsboroughwills.com/contact.