last-will-and-testament
There may be a counterintuitive way for credit unions to attract and retain young consumers - serving their needs for last wills and estate planning.
Recently, the Livonia, Mich.-based CU Solutions Group (CUSG) marked the first anniversary of its Trust & Will program offered through the CUSO’s nationwide affinity program, Love My Credit Union Rewards. In a news release, CUSG stated it has enrolled more than 220 credit unions in the Trust & Will program, which delivers affordable and accessible estate planning solutions to members.
Alex Schitter, marketing/e-commerce manager for the $834 million InTouch Credit Union in Plano, Texas, noted in the CUSG release that no one leaps at the chance to talk about estate plans.
“But we learned in working with the professionals at Trust & Will, it’s a conversation that more households are having, with a surprising number of those discussions happening with 30-somethings,” Schitter said. “Our partnership with Love My Credit Union Rewards and Trust & Will opened the door to having a service that spans multiple age groups, and the feedback and guidance provided by their experts have remained essential.”
According to Caring.com’s annual Wills and Estates Planning survey of 2,481 adults, young Americans began engaging in estate planning at higher rates during the COVID-19 pandemic.
“Since 2020, the number of young adults aged 18-34 with a will has increased by 50%, going from 16% in 2020 to 24% in 2024,” the survey found. “During the same time, the rate of middle-aged and older adults with wills decreased by 7% and 10%, respectively.”
Caring.com is an online information resource for caregivers, which has been conducting the Wills and Estate Planning survey since 2015.
What’s more, the Caring.com research revealed another interesting trend.
Nearly one in five survey respondents said that they now see a greater need for estate planning because they worry about the impact of inflation on their heirs’ financial futures. An additional 12% said that they now see a greater need for estate planning because inflation has increased the value of their assets, such as real estate.
Among young adults, 35% said inflation has caused them to see a greater need for estate planning, while 20% said they now see less of a need, the survey showed. However only 25% of Americans aged 55-plus said they now see a greater need for estate planning and 10% see less of a need.
Overall, 32% of the American adult population had a will in 2024, down from 34% in 2023. Forty-three percent of Americans say they don’t have a will because of procrastination, they don’t have enough assets, (40%), they don’t know how to draw up a will, (16%) or they believe it’s too expensive (16%), according to Caring.com.
However, 43% of the survey’s respondents said they would get a will after receiving a medical diagnosis or health concern, while 23% said after buying a home, 23% said after retirement or other age milestone, 21% said after a family expansion and 17% said after the death of a loved one.
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