A recent study highlights the challenges millennials face in estate planning amidst economic uncertainties, high mortgage rates, and caregiving responsibilities. Despite the anticipated “Great Wealth Transfer,” which is expected to move about $72.6 trillion between generations, the majority of millennials (62%) do not have a will or trust. Additionally, many are unaware of their parents’ estate plans, although there’s a willingness to discuss these issues across generations. While millennials express a desire to pass on wealth, they face obstacles such as caring for both children and aging parents, as well as financial strains impacting their ability to transfer wealth. Despite these challenges, millennials are increasingly including charitable contributions in their budgets, reflecting a commitment to giving back.
A study reveals that 60% of millennials lack a will or trust.
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