More Millennials Are Writing Their Wills, Thanks to Covid-19
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Here's your Money Briefing for Tuesday, December 7th. I'm J.R. Whelan for The Wall Street Journal. You might not associate millennials and younger Americans with estate planning and writing a will, but as the number of deaths from the COVID-19 pandemic continues to climb, more people are thinking about the unthinkable.
We had put together an idea, if we did have children, which we don't today, but hey, if we had children and something were to happen to us, who would be the people that would take guardianship?
That's 29-year-old Ryan Bayonet from Akron, Ohio. In a moment, we'll hear from him about how he and his wife recently made the decision to create a will. Plus, we'll talk with WSJ reporter Veronica Dagger about resources for getting started on a will and why it doesn't necessarily have to involve an attorney. That's after the break.
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For many people in their 20s and 30s, drawing up a will seemed like something they could put off for a few decades. Then the pandemic hit. And as the number of deaths from the U.S. from COVID-19 approaches 800,000, more millennials and young adults are getting their affairs in order to be sure their assets are handled properly in the event they die unexpectedly. In a moment, we'll talk with WSJ reporter Veronica Dagger, who's been looking into this growing trend.
How did COVID-19 spark more millennials to consider estate planning?
But before that, for a firsthand account, let's bring in 29-year-old Akron, Ohio resident Ryan Bayonet. He and his wife, Brycie, recently made the decision to write their will. Ryan, thank you so much for being here.
Absolutely. Thanks for having me, Jay. I appreciate it.
So, Ryan, before the pandemic, had you or your wife given any thought to writing out a will?
A bit. I myself was an investment advisor. It's something I recommend for clients on a pretty frequent basis. So it had been something we'd thought about, but it really wasn't main priority prior to the pandemic starting.
So tell me about what made you change your thinking.
My wife definitely helped in pushing that a bit. So she is a fourth-year medical student and looking into going into emergency medicine. So really seeing what she saw in the ER, we had a lot more conversations about what could happen and thought, hey, just to be safe, what's a better time than now to do this?
Tell us about how your wife's experience at work influenced the decision to make out of will.
So she's a fourth year medical student. Typically in the last year of training, fourth year, you rotate in different hospitals of her specialty. So she's looking to be going into emergency medicine. She'll match to a residency program in the spring. But so she spent the whole year rotating and seeing these different types of cases that popped up in the emergency room. And she saw that a lot of the caseloads were from COVID-19 and a lot of the different aspects that come with that. So seeing it and all the stories that she brought home every single day just kind of became overwhelming.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:21
2
How did COVID-19 spark more millennials to consider estate planning?
2:21–9:50
3
Why did 29-year-old Ryan and his wife decide to write a will during the pandemic?
9:50–11:44
4
How did Ryan’s wife’s work in emergency medicine influence their decision?
11:44–12:08
Speakers
4 identifiedMore from WSJ Your Money Briefing
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