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7 Reasons Millennials Decide to Make Estate Plans

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Trust & Will has new information about the moments when millennials are thinking hard enough and clearly enough about the future to do something about it.

The digital estate planning services firm put a chart showing the triggers that caused millennials to create estate plans in its 2023 Annual Millennial Estate Planning Study.

For a look at how often the firm’s millennial customers cited specific triggers as the reason for getting serious about planning, based on detailed data provided separately to ThinkAdvisor, see the gallery above.

Trust  & Will defines “millennials” as people ages 25 through 44. It based the data on the study on an analysis of survey responses from 23,979 customers, including 7,832 millennials.

Trust & Will found that many millennials who think to use a digital estate planning service have a significant amount of assets: 27% reported having $1 million to $2 million in assets, and 28% said they had more than $2 million in assets.

Pictured: A birthday cake. This year, the oldest millennials are turning 44. (Photo: tbd/iStock)