End-of-life decisions are still tough to face: 68% of Millennials still don't have a will; just 38% have a clear view of their digital accounts
TORONTO and SAN DIEGO, Nov. 10, 2021 /PRNewswire/ -- COVID-19 triggered many American Millennials to finally begin estate planning, according to new research, which found more than two-thirds (72%) of those respondents with wills created or updated them in the past year. Moreover, one in three (34%) Millennials broached the subject of a digital handover with their parents in the past year. The Great Wake-up Call report from 1Password, a leader in human-centric security and privacy, and its partners, Trust & Will and Willful, the leading digital estate planning platforms in the U.S. and Canada respectively, explores the attitudes of 1,000 American Millennials, ages 25-40, toward end-of-life decisions, and storing and transferring digital assets before and after death.
"The pandemic has encouraged many of us to think more deeply about our mortality, but there's a lot of work to be done to ensure a smooth handover of our estate–especially for newer digital platforms where we spend more and more of our time," said Jeff Shiner, CEO of 1Password. "Millennials especially are facing the brunt of these shifting pressures, as they're balancing responsibilities for their own growing families while also caring for aging parents. Transition plans have long been a taboo topic, but it's time to destigmatize these discussions and ensure our digital lives are in order so the responsibility doesn't fall on others."
A Slow Start to Estate Planning
The majority (68%) of Millennials still don't have a will, and just 38% of Millennials have provided clear guidance on how they'd like their digital accounts managed after they die. In fact, according to the report, descendants of those Millennials surveyed would lose access to an estimated average of $22,500 due to mismanaged wills.