Why Millennials Can’t Afford To Delay Estate Planning—Even In An Unstable Workforce
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When estate planning attorney Jehan Crump Gibson meets new clients, it’s often under the worst possible circumstances—after a death has occurred, when grief and confusion are compounded by a lack of clear instructions. For her, the message is simple: estate planning is “an act of love.”
Jehan Crump Gibson
Jehan Crump Gibson
“Too often, I meet clients after a death, when families are grieving and tensions are high,” Crump Gibson says. “If we can get people to see this as a gift to their loved ones, we can shift the narrative from something morbid to something empowering.”
That message is hitting home for Black millennial women, who, according to U.S. Bureau of Labor Statistics data, saw more than 300,000 workers exit the labor force in 2024 alone—the steepest drop of any demographic group. Historically the primary caregivers in their families and more likely than other groups to serve as heads of households, these women are often the ones balancing elder care for parents, raising children, and managing their own careers. This dual responsibility leaves them at the center of both wealth building and wealth preservation—roles that make estate planning particularly urgent, particularly for young, Black professionals.
According to the Federal Reserve’s 2022 Survey of Consumer Finances, just 33% of U.S. adults have a will, and Black households are significantly less likely than white households to have one. At the same time, millennials are poised to inherit $68 trillion in wealth transfers by 2030. Without proper planning, that wealth is at risk of being lost or tied up in costly disputes.
In her book A Matter of Life and Death: How to Handle Family Affairs During Illness and Death and Keep Probate Court Out of Your Business, Crump explains why, no matter the financial standing or life position, a plan should always be in place, even if you have nowhere to start.
From Probate Pitfalls to Tech Solutions
For Astin Hayes, co-founder of the first-step estate planning platform InHeirit, she’s aiming to help take the hesitancy away from youngish adults taking that first step in arranging estate affairs. The urgency became personal when she cared for her godmother during her final months. Her godmother’s will had not been updated, naming an ex-boyfriend as executor—a decision that led to assets being sold off against her wishes.
Astin Hayes, co-founder of InHeirit
Astin Hayes
“Because we hadn’t had the conversation before she got sick, there was nothing I could do,” Hayes recalls. “People talk a lot about building generational wealth, but they fail to talk about generational wealth preservation.”
InHeirit, which officially beta-launched on August 14, aims to change that by offering a “TurboTax for estate planning” experience. The platform starts with an organizer tool to catalog assets—from property deeds and insurance policies to jewelry and family heirlooms—before guiding users through creating wills, powers of attorney, and trusts. Pricing begins at $149 annually, with lifetime access available for $499. Hayes stresses that estate planning is not just for the wealthy. “Sometimes it’s the sentimental things that matter most,” she says. “It might be your grandmother’s cast-iron skillet or a wedding dress—things that carry legacy, not just market value.”
Hayes emphasizes that estate planning isn’t just for those with children or high-value assets. Data shows that by 2030, more women between 25-43 are likely to be child-free and unmarried. And some experts have taken it a step further and analyzed that based on this data, childless and spouseless women will be happier from it. So, where does that leave legacy planning?
“Even if you don’t have children, you may have nieces, nephews, or causes you care about,” she says. “Something should be in place for that.”
Breaking the “Death Talk” Taboo
Both Gibson and Hayes say cultural reluctance to discuss death, especially in Black families, remains a barrier. Hayes notes that many unmarried, child-free Black women—the fastest-growing demographic in the U.S.—assume they don’t need a plan.
“You work too hard to acquire things for them to just disappear,” Hayes affirmed.
Gibson adds that even basic legal tools like a medical power of attorney can have an immediate impact. Without one, HIPAA laws can bar parents from receiving medical updates about their adult children in emergencies. “Planning isn’t about expecting the worst—it’s about ensuring your wishes are respected,” she tells me.
A Living Document for a Shifting Life
In a time when inflation, student loan debt, and job instability make the future feel uncertain, both women stress that estate planning is more—not less—urgent.
“Life changes constantly,” Hayes says. “Your plan today might look different a year from now, and that’s the point—it’s a living document. The earlier you start, the easier it is to adjust along the way”.
For millennials navigating an unpredictable economy, the takeaway from both Gibson and Hayes is clear: estate planning isn’t just for later in life. It’s a present-day tool for protecting what you’ve built, safeguarding your loved ones, and defining your legacy—no matter your net worth.
