What is prompting Millennials to create their estate plans?
So what’s prompting Millennials to start estate planning? According to our data, the primary driving force was having a child followed by buying a home.
- Having a child (31%)
- Buying a home (10.1%)
- Financial advisor recommendation (9.3%)
- Death in the family (8.5%)
- Change in income or net worth (7.8%)
- Travel (6.2%)
- Planning for end of life (5.4%)
- Marriage (4.7%)
But that’s not all — 78% said they believe building multigenerational wealth is essential and estate planning is one of the best ways to do that. In addition, over half of Millennials expect to receive some form of inheritance in their lifetime. This isn’t surprising, given that the largest wealth transfer in history will take place over the next two decades as a result of “The Great Wealth Transfer”, but interestingly only 11.5% are relying on that inheritance as part of their overall financial plan.
Despite a year of economic uncertainty, Millennials are still prioritizing estate planning. Discover why by reviewing our key findings.
Author: Cameron Greenlaw
Broker