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In the last two years, the number of millennials drafting wills has increased by almost 10% with many citing the COVID-19 pandemic as the reason
More millennials than ever before are writing their wills in case they die unexpectedly. As 27 per cent of adults aged 18 to 34 now have wills compared to 18 per cent in 2019. 30 per cent of adults under the age of 35 cited the COVID-19 pandemic as a reason or incentive for getting their affairs in order.
The study conducted by LegalZoom and Caring.com revealed that 18 to 34-year-olds were more proactive about will writing due to the pandemic than the middle-aged group and aging people, which were at 23 and 16 per cent, respectfully.
Lawyer, Avi Kestenbaum, also noticed an increase in young people drafting wills which peaked when the delta variant of COVID-19 was most prominent. She now expects another wave of will-writing as the Omicron variant continues to spread.
Despite the pandemic two out of three adults still don’t have a will, so while data shows people believe estate planning is important, in 2021 only 32.9% actually have the documents in place.
When asked the reason why people don’t have a will, the most common answer was simple procrastination “I haven’t gotten around to it”. However, other reasons included not knowing how to set up a will or living trust, and feeling as though they don’t have enough assets to leave.
Fraser and Fraser provide services which can help locate wills. Our search has stopped over 2% of cases being incorrectly administrated after locating a will. If you have an enquiry, please get in touch on 020 7832 1400 or email us on firstname.lastname@example.org.