A Millennial's Journey to Estate Planning
Amber Cate
At 28, I was a typical millennial—active, health-conscious, happily raising my beautiful little boy with my husband, and enjoying a successful career. I did CrossFit multiple times a week and had just completed a half marathon. I’d never been a smoker, had no family history of disease, didn’t live near a nuclear plant of any kind…
I’d made all the “right lifestyle choices”, yet despite the false sense of security I had—I woke up in the middle of the night, gasping for breath, lightheaded from asphyxiation while desperately coughing to get blood out of my lungs. I had no idea what was happening—somehow, we made it to the emergency room where I was admitted and a CT scan revealed that I had a tumor completely blocking my right airway. What followed was a mix of shock, grief, fear, and a continued series of x-rays, scans, and a bronchoscopy that culminated in a neuroendocrine cancer diagnosis less than 24 hours later.
The sudden weight of this crushing new reality had barely been made tangible when an added weight complicated the situation in my mind: I didn’t have a will or any kind of an estate plan. I didn’t even know where to begin with setting one up. What I did have in front of me, however, was an emotionally shaken husband and a precious two year old, who I would do anything for. I couldn’t imagine leaving them to navigate the worst case scenario alone, much less having to sort out legalities and the complexities of paperwork in the face of grief.
While recovering from my first painful surgery, the rest of my treatment plan was established, which put another surgery to have my lung removed on the calendar—an invasive procedure which came with a substantial amount of uncertainty and risks. I knew I had to truly face this reality by setting up a will in preparation for the worst case scenario.
Please do not wait until you’re enduring a terrible circumstance to get your plan in place, or worse, risk the chance of leaving your loved ones to wade through it in the midst of their own grief.
The Wake-Up Call: Facing Mortality in My 20s
I had never intentionally decided I was not going to have a will or a plan in place. In fact, setting that up had been on my “I’ll-take-care-of-this-at-some-point list” along with a dozen other items. I merely saw it as something that I had time to get around to doing – my circumstances had never required me to have a sense of urgency acute enough to go and check this step off my list. Looking at available data, it’s concerning that I was not alone in my thinking. Trust & Will found only 38% of millennials have a will or a trust. I was part of the 62% living in ignorance, never stepping into action– despite having assets and people I cared about and that relied on me financially.
only 38%
of Millennials have a will or trust.
Trust & Will, 2021 Estate Planning Study
The Legacy You Leave Behind
Your assets are directly related to your legacy. Thankfully I had a good understanding of what my assets and net worth were. A study by T. Rowe Price found that nearly 40% of millennials are unsure of the total value of their assets. Even though I knew my family’s net worth, working with our advisor to truly see all of our accounts and other assets, really gave me a clear view of what I needed to include in my will.
Part of the estate planning process will dive into both your physical and digital assets. A study by McAfee found that the average person has over $55,000 in digital assets. This was another area of my life I had not even considered ahead of time, but found thoroughly walking through this during the process was extremely helpful.
End-of-life care will also be discussed – only 36.7% of adults have an advance directive according to The National Institute on Aging (NIA, 2024). What about the other 63.3%? Taking on this process on your own time will ensure you have a clear mind to think through who would inherit what–perhaps not just family, but potentially philanthropic causes you’re passionate about. You determine the legacy you leave behind. Whether you have a spouse, children, or even just an animal– how they will be taken care of is too important to leave out of your control. Shelter Animals Count estimates that approximately 6.3 million companion animals enter shelters each year, many due to the death of their owners.
Call To Action: Set Up An Estate Plan
Thankfully, my surgery was very successful, the tumor had not metastasized, and my thoracic surgeon was able to entirely remove it. A subsequent report showed that I have been healing well and completely cancer free since! While we are infinitely grateful that getting my will in place served as merely a precaution, I am further grateful for the peace of mind and security it offers my family moving forward. I now use my story to strongly encourage others who feel they are too young to need a will that it is never too early and the best time to create one is when you think you do not need it.
Please use my story as a call-to-action for why you need to overcome procrastination and move this action item onto your plate. Think of this step as a form of insurance–you certainly don’t want to wait until it’s too late, and it’s not worth the mental or emotional burden to navigate while in the middle of a crisis.
About Willow
Willow connects you with vetted financial advisors who truly understand the big moments in life—like buying a home, navigating career changes, or going through a divorce. It’s not just about finding any advisor, but about building a meaningful, long-term relationship with someone who gets your goals and challenges. Using a concierge matchmaking approach, Willow ensures you feel confident and empowered as you plan for whatever life throws your way, making financial advice feel less transactional and more like finding the right partner for your journey.
