Majority of Baby Boomers Ignore Estate Planning Needs

 Posted on July 16,2014 in Estate Planning

Sixty-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.