According to a recent survey conducted by Care.com, only 42 percent of adults in the U.S. have an estate plan -- meaning an alarming 6 out of 10 have no wills or trusts in place should they pass away. While these numbers are bad enough, they are actually even worse among millennials.
In fact, the Care.com survey found that nearly 80 percent of millennials (ages 18-36) have no wills. According to experts cited in the study, there are several reasons why these younger individuals are less likely to have a comprehensive estate plan in place, including:
- They think nothing bad will happen to them: Generally, younger individuals are less concerned with their own mortality, meaning they don't expect that something bad may happen to them -- and if something does happen, they expect their parents to help. When you are young, you simply are not thinking about what will happen at the end of your life.
- They think they don't own enough to justify an estate plan: Many younger individuals believe that a will is only needed when someone owns significant assets, and since they don't own much now, a will is unnecessary. Indeed, this recent survey discovered that 29 percent of those without a will believed it was because they "don't have enough assets to leave anyone."
However, while millennials may be using these excuses to avoid estate planning, the truth is that they couldn't be more wrong. Not only can tragedy strike anyone no matter their age, but a comprehensive estate plan is a good idea regardless of your accumulated wealth.
Simply put, a well-drafted will allows you -- not the government -- to control how your assets are distributed. Even if you don't own much now, what you do have probably means something to someone. So take control of the future and contact an experienced attorney today to learn what estate planning options fit your needs.