A recent study found that 75.1% of millennials are opting for will-based estate plans and 18.8% are using a trust-based estate plan.
The new study from digital estate planning firm Trust and Will, of about 23,000 individuals aged 25 to 44, also found that the most common trigger to create a plan was having a child at 34%, followed by a death in the family at 10.8%. The study found that 6.12% of respondents created their estate plans because a CPA/financial adviser told them to.
Seventy-six percent of respondents said they designated a family member to be their executor and 77% of pet owners designated someone to act as a pet guardian. The study also found that 6.96% stored important documents in a safety box at a bank or other location but 53.16% kept them in a safety box at home.