More US millennials have been writing wills in case they die unexpectedly and say the COVID-19 pandemic had spurred them on to do so, according to a recent article in the Wall Street Journal.
Compared to 18 percent in 2019, more than a quarter (27 percent) of 18-34-year-olds had a will in 2021. In addition, this age group is also encouraging their parents to ensure they have a will/that it is up to date so that all family members have peace of mind.
Research carried out by Caring.com and LegalZoom showed that millennials are worried about what might happen should they become ill, and because the virus has killed people of all ages.
In case of illness
The Wall Street Journal featured investment advisor Ryan Bayonnet, 29, who decided to write his will recently to fit in with the career plans of his wife, Bricey. Although the couple do not yet have children, Bricey plans to become an emergency room physician and many of those in the medical profession have been struck down with the illness.
Ryan said he knew he had to make a will when his wife asked if he would “want to be put on a ventilator” should he catch COVID-19.
Another millennial quoted in the article, Kimberley Onsager, 38, said she felt vulnerable without a will in place and created hers for $100 using an online service.
Older people and wills
While there has been a substantial increase in the number of younger people creating wills, in the US, the majority of people who do have a will in place are older.
People who die without a will are referred to as being intestate and it is then the state that decides how their assets are divided, which can mean people’s wishes not being carried out. While younger people might lack substantial assets, they may still want to consider issues such as who they might want to give artwork to or setting up guardianship for pets.
In the UK, Farewill, the UK’s largest will writing service provider, found that there had been a 267 percent increase in the number of people who had written online or telephone wills using the company’s services in 2020 compared to the year before.
The biggest increase came from younger age groups – 300 percent more millennials and Gen Zs writing their wills, with the Gen Z increase up by 465 percent, though there were massive increases across every generation.
This article was submitted to be published by Finders International as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.