Who Has Legal Documents?…

October 2000
Journal of Financial Planning;Oct2000, Vol. 13 Issue 10, p20
Academic Journal
This article reports on a study conducted by the American Association of Retired Persons (AARP) in 2005 to determine what percentage of the 50 and older U.S. population had three key legal documents. It found that only 44% of those aged 50 to 54 had wills, while 75% of those 70 to 74 and 85% of those 80 or over had wills. Only 29% of those aged 50 to 54 had a durable power of attorney compared with 64% of those 70 to 74 and 73% of those 80 and over. Curiously, the third legal document AARP considered a basic advance planning document was a living trust, while the survey ignored living wills and medical durable powers of attorney. Only 19% of those aged 50 to 64 and 29% of those 75 and over had living trusts.


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