More young adults are realizing that estate planning isn’t just for the elderly or wealthy — it’s a smart, empowering way of taking control of their future now. A recent study by Trust and Will discovered that Millennials and Gen Zers are thinking more about estate planning: 36% of Millennials and 33% of Gen Zers already have estate plans. These aren’t high percentages but they are higher than in the past, making it apparent that estate planning is on the minds of younger generations. They are realizing that by planning ahead, they can ensure that their assets — no matter how much they have — are passed on according to their wishes.
Lauren Winther-Hansen, nonprofit training lead at FreeWill, a social good enterprise that offers free comprehensive estate planning tools, said that they are seeing an increased number of people in the 18-24 age bracket using their platform.
A recent FreeWill survey also noted that the 18-24 age bracket has the highest percentage of leaving a bequest to charity in their will and they were the only age group whose average bequest gift increased from the previous year — and it increased significantly. According to FreeWill statistics, only 17% of baby boomers and Gen X plan to leave assets for charity, however, for Millennials and Gen Z, it is 26%.
Lauren has also observed a rising awareness around safeguarding one’s digital legacy. She recommends appointing a digital executor and creating a clear, comprehensive plan outlining how electronic records like social media accounts, digital currencies and other online assets should be managed.
What’s driving these changes? Financial advisers attribute the trend to several factors: growing recognition of the importance of financial planning, more digital assets that require careful management and protection, an increased interest in philanthropy, changing family dynamics and a greater awareness of health crises — thanks to the pandemic — which highlight the need for having arrangements in place for unexpected circumstances.
There’s also an influx of baby boomers who are bringing their adult (or younger) children into their estate planning process. As boomers retire, require long-term care and eventually pass, their collected wealth (roughly $84 to $124 trillion) is being transferred to their children, grandchildren and other beneficiaries, so it makes sense to include children in the preparation.
No matter the trend drivers, all experts agree that the earlier you make a plan — even if it’s a simple will — the better. With new technologies like FreeWill making it easier to set up a will or a plan, there’s really no excuse not to. What a plan offers is peace of mind, ensuring that your wishes will be honored if the unexpected happens — your assets can avoid probate and won’t default to the government, your young children will be cared for and your philanthropic goals can be fulfilled. Planning ahead also ensures your voice is heard, no matter your age or wealth status. The bottom line: estate planning is for anyone with assets, whether that’s money, a vehicle, jewelry or insurance policies.
Make A Will Month is a great time to tackle your estate plan and the Community Foundation of Anne Arundel County (CFAAC) is here to help you no matter what stage you are in the process. We can work with your professional advisers to make sure that your assets are secure and your philanthropic causes are supported. If you’re unsure where to give, CFAAC can guide you because we grant to a variety of local, regional and national nonprofit organizations that have been properly vetted.
One of the benefits of giving through CFAAC is that donations of any size can be pooled together to make a greater impact through grants to nonprofits. For example, if you care about helping the community in times of crisis, you can give to CFAAC’s Community Crisis Response Fund. If you want to help the environment, you can donate to our Environment Anne Arundel Fund. CFAAC also has funds dedicated to education, arts and culture initiatives or programs specific to women and girls.
Including a gift in your will is a powerful way to support your causes and consultations with CFAAC are always provided at no cost. Contact CFAAC Director of Gift Planning John Rodenhausen at john@cfaac.org to learn more. And be sure to join us for “Estate Planning and Implications of the New Tax Laws,” a free webinar on Sept. 10, 2025, featuring Estate Planning Attorney Christine Hubbard and CFAAC’s John Rodenhausen. Visit cfaac.org to register.
The Community Foundation of Anne Arundel County (CFAAC) is a tax-exempt, 501(c)(3), publicly supported philanthropic organization with the long-term goal of building permanent funds that provide support to local nonprofit organizations through grants and special projects. Our mission is to inspire and promote giving in Anne Arundel County by connecting people who care with causes that matter. Established in 1998, CFAAC is one of the largest funders of nonprofit organizations in Anne Arundel County. CFAAC distributes $5 to $7 million annually.
This commentary was originally publish is the Capital Gazette on September 4, 2025.