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Majority of Baby Boomers Ignore Estate Planning Needs

Posted on in Estate Planning

baby boomer, baby boomers, Wheaton estate planning attorney, health care proxy, living will, baby boomer generation, advance directives, end-of-life issues, estate planning needsSixty-four percent of baby boomers do not have a living will, health care proxy, or other advance directives that deal with end-of-life issues. These results were discovered via a survey conducted by the Associated Press (AP), in conjunction with LifeGoesStrong.com.

A health care proxy or health care power of attorney "allows an individual to select a person he or she trusts to make decisions about medical care." Advance directives are critical documents to have in place because they clearly state a person's medical choices. Both are essential to have in the event an illness or accident makes it impossible for an individual to articulate his or her wishes.

Of the 1,416 adults interviewed in the survey, 1,078 participants were from the baby boom generation. Members of the baby boom generation include those who were born between the years 1946 to 1964.

The majority of the surveyed participants felt there was not yet a need to make end-of-life plans because they considered themselves healthy. They also noted that middle-age is too young to be making these kinds of plans.

However, there is a misconception that this type of estate planning is only for individuals who are in their late 60's and 70's. Many in the medical and legal field point out that advance directives are important for adults to have in place despite age or health. Tragic accidents or illness can happen to anyone, at anytime, and if an individual has not taken the legal steps to ensure their wishes will be followed, it could lead to a long, drawn out legal battle between family members.

If you are a baby boomer and have yet to develop your estate plan, contact an experienced Wheaton estate planning attorney today to find out what options may be right for you and your family. However, regardless of your generation, estate planning is something everyone should consider. Call 630-665-2500 today.
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