Even though most Americans have assets they want to protect, an alarmingly low number of them do not have a will. In fact, according to a recent Gallup survey, only 46% of adults in the U.S. claim to have a basic will on file. Interestingly, though, many millennials are choosing to draft them.
Millennials have birth dates between roughly 1980 and 1996. While these individuals are addressing conventional estate-planning topics, their wills also have some unique provisions.
Pet guardianship
Many millennials consider their companion animals to be members of their families. Therefore, it should come as no surprise that they are increasingly deciding to use their wills to name guardians for their pets. Millennials also may set aside funds for the care of their pets.
Organ donation
While it is possible to designate oneself as an organ donor in other ways, Millenials are opting to do so in their wills. This approach allows individuals to inform family members and others about their intentions to donate vital organs after their deaths.
Celebration of life ceremonies
Traditional funerals have largely fallen out of fashion among many millennials. Indeed, some younger Americans prefer to have celebration-of-life ceremonies, where friends and relatives gather to hold a festive memorial celebration. Wills are fantastic places to explain the fine details of these services.
Millennials are quickly becoming the leaders of modern society, so it makes a great deal of sense to take some cues from them. Ultimately, every estate planner can learn some lessons from millennials about creating comprehensive and meaningful wills that speak to a variety of matters.