Young adult estate planning surged in 2020

by | Apr 22, 2021 | Estate Planning

If nothing else, 2020 reminded us that nothing is guaranteed in life. No matter what your plans are, circumstances beyond your control can wipe them out. People also spent a lot more time at home than usual, with plenty of time to consider their mortality and their responsibility to their loved ones.

You would think that the pandemic would have led to a big increase in estate planning in Las Vegas and around the country. And it did, but not among everyone. It may surprise you to know that those taking estate planning most seriously last year were Americans in their 20s and early 30s.

Survey results

A survey found that the percentage of people aged 18-34 who have estate planning documents in place jumped from 16.4 percent in 2020 to 26.8 percent this year. Not only did this make that age group the only one out of the three in the survey to improve their estate planning status. it also means that, for the first time in this survey’s history, more people in the 18-34 age group have completed estate planning than those in the 35-54 category.

Though everyone has their own reasons for taking care of estate planning, it is no surprise that the pandemic was a huge motivator. In the survey, 45 percent of the 18- to 34-year-olds surveyed said the pandemic was their main prompt for estate planning. For 35- to -54-year-olds, about a third said responded the same way.

Estate planning for people of all ages

Estate planning is a good idea at any age, but the planning you need in your 20s is likely not the same as when you are in your 40s or 60s. Whatever your age, working with an experienced estate planning lawyer will help you create a customized plan that you can adjust as you achieve various milestones.