The Pandemic has changed the perspective on many things, estate planning is definitely one of them and people now see estate planning differently. Estate planning services that are accessible without going into office buildings or public spaces has become more important to us.
Shocking Trend – Younger (under 25’s) are now taking wills seriously.
Not every demographic has taken the lessons learned from it to heart. The Wills and Estate Planning Study found that middle and older aged adults are now less likely to have a will than they were just a year ago, while younger adults are 63% more likely to have one this year than they were before the pandemic and 18-34 year-olds are now 16% more likely to have a will than those in the 35-54 age group.
The younger generation was also the most likely to cite COVID-19 as the reason they started taking estate planning seriously.
A greater focus on estate planning than ever before by younger Americans bodes well for digital solutions, the pandemic forced Americans to consider a new perspective. Many younger Americans had delayed creating an estate plan by assuming that estate planning is complex, expensive and only for older people, and not relevant for them. The young, healthy people as they see it.
Having a plan in place is one small step to protect yourself and your family from otherwise uncontrollable risks but bare in mind that a legacy plan is much more than just money. A really complete legacy is about connection, understanding, sharing, and emotion.
When we pass on – we leave behind everything.
To demystify estate planning YouGov surveyed 2,500 Americans to determine who is engaging in estate planning, and why or why not. In the 2021 wills survey, it found that while the pandemic has increased people’s desire to get a will (35% saw a greater need), the overall percentage of people with a will hasn’t changed since last year – 2 out of 3 still don’t have crucial estate planning documents.
But do not fret, technology constantly changes and a study carried out by klokbox.com has discovered that the apathy of not having an estate plan is rooted more in the emotion than in the action. This study uncovered some interesting facts surrounding estate planning.
- Negative emotion
- Lack of urgency
- Fear and anxiety surrounding death
- Misunderstanding the process
- Perception of complexity
- Expectation on cost
Klokbox has developed a handy efficient app that offers transparency and efficiency but also addresses the cost and complexity issues. A comprehensive estate plan or will and an emotional legacy can be created in an easy-going environment where we can just pop in and out as we see fit.
Highly recommended as a digital diary cum digital safe to pass on a little piece of yourself – along with your assets.