Millennials think about estate planning differently than their parents did, prioritizing digital assets, side businesses, and pets, but most still have not actually finished the paperwork. According to a 2026 Trust and Will report, 58 percent of millennials have no estate planning documents at all, only slightly better prepared than Gen X and slightly behind Gen Z.
Awareness Is Not the Same as Action
Millennials, generally defined as people born between 1981 and 1996, grew up through 9/11, multiple recessions, and a pandemic, which has made a lot of them more aware than prior generations that life is unpredictable. That awareness shows up in surveys as a stated intention to plan, but according to the 2026 Trust and Will Estate Planning Report, 58 percent of millennials still have no will, trust, or other estate planning document in place, and cost and complexity are cited as common reasons for the delay. The gap between recognizing the need and actually completing a will is exactly the gap an online platform is built to close.
Side Hustles and Small Businesses
A meaningful share of millennials run a side business or a small independent venture alongside a primary job. That ownership stake, however modest, is an asset that needs a plan just like any other. If you have not named who should receive your business interest, or how it should be handled, it becomes another asset dropped into your state's default intestacy rules rather than distributed the way you would actually want. See our guide on inheritance of a family business for how to structure that transfer properly.
Comfortable With Digital Assets, but Often Unprepared for Them
Millennials are heavy adopters of cryptocurrency and other digital assets. According to a 2026 Gemini survey, 49 percent of millennials currently own or have owned cryptocurrency, compared to 29 percent of Gen X, a meaningful generational gap. Comfort with the technology does not automatically translate into a plan for what happens to it after death, though. Most crypto platforms do not offer a traditional beneficiary designation, and a wallet secured only by a password or private key that no one else knows can become permanently inaccessible. See our guide on protecting your digital assets for the specific steps to take.
Independent and Unconventional Choices
Millennials are more likely than prior generations to name a friend, rather than a family member, as an executor, trustee, or guardian for their children. They are also more likely to choose non-traditional funeral and burial options, including green burial or human composting where it is legally available, rather than defaulting to a conventional funeral.
Philanthropic Priorities
Charitable giving shows up more often in millennial estate plans than in prior generations, reflecting broader values around social and environmental impact. If leaving a portion of your estate to a cause you care about matters to you, that instruction needs to be written into your will or trust just as clearly as any other bequest, since a general intention without specific language is not enforceable.
Planning for Pets
Millennials have a lower birth rate than prior generations but are more likely to own pets and treat them as family. The law generally treats a pet as property, not a beneficiary, which means you cannot leave money directly to an animal. What you can do is name a caretaker and leave funds, sometimes through a pet trust, specifically designated for that person to use on the animal's care.
A Worked Example
Say you are a millennial with a side business, a modest cryptocurrency holding, and a dog you consider part of the family, but you have never written a will because it felt like something to handle later. If something happened to you tomorrow, your business interest, your crypto, and your pet's care would all be decided under your state's default rules rather than your actual preferences. None of that requires a complicated estate. It requires deciding, in writing, who gets what and who is responsible for what, which is a task that fits into a single sitting with the right tool.
Practical Steps for Millennial Estate Planning
- Start with a will, even a simple one. A basic will covering your assets, a named executor, and guardianship for any children closes the biggest gap immediately.
- List your digital assets and name a digital executor. Include cryptocurrency, NFTs, and any accounts with financial value.
- Address your side business or ownership stakes. State clearly who should receive it and how.
- Name a caretaker and funding for any pets. Do not assume a family member will automatically take on this responsibility without being asked.
- Put charitable intentions in writing. A verbal wish to give to a cause is not enforceable the way a specific bequest is.
How FastWill Helps
FastWill's online will builder is designed for exactly the gap the data shows: people who recognize the need for a plan but have not gotten around to finishing one. You can complete a legally valid will, name a digital executor, and address a side business or pet care in a single sitting.
Frequently Asked Questions
Do most millennials actually have a will?
No. According to a 2026 industry report, 58 percent of millennials have no estate planning documents at all, despite widespread awareness that they should.
What is the biggest estate planning gap for millennials specifically?
Digital assets and side businesses are common gaps, since neither passes through a will automatically without specific instructions naming a beneficiary or executor.
Can I leave money directly to my pet?
No. Pets are treated as property under the law, but you can name a caretaker and set aside funds, including through a pet trust, for that person to use on the animal's care.
Why do so many millennials delay estate planning despite recognizing the need?
Cost and complexity are commonly cited reasons, which is part of why an online, guided platform removes a real barrier rather than just a perceived one.
Is a simple will enough, or do I need a trust?
A will covers most millennial estates well. A trust becomes more useful with a business, significant digital assets, or a desire for added privacy and probate avoidance.
If you have been meaning to get this done, start now with FastWill's online will builder and close the gap between planning to plan and actually having a plan.
