National Survey Reveals Tail-End Boomers Avoid Participating in
Parents’ Estate Planning
Survey by LegalZoom.com Finds that Younger Boomers Avoid their Parents’
Estate Planning, while Older Boomers are More Likely to Discuss and
Participate in the Process
LOS ANGELES (Business Wire EON/PRWEB ) May 6, 2008 --
A new national survey commissioned by LegalZoom.com, the leading online
legal document and filing service, reveals that the creation of a last
will or living trust is one of the most avoided topics between younger
members of the Boomer generation and their parents.
Conducted online during April 2008, the survey reveals a marked
difference in attitudes between older and younger Boomers. Adults in
their 60s are the most likely to participate in creating their parents’
last will or living trust. Over half, 53%, participated in their parents’
estate planning, with 34% initiating the conversation and 34%
contributing to the actual cost of creating a last will or living trust.
By contrast, younger Boomers in their 40s are the least likely to
participate in their parents’ estate planning.
Only 27% participated in the process of creating a last will and living
trust, with 18% initiating the conversation and 17% contributing to the
cost.
“Estate
planning is an important subject that all families need to discuss
in order to protect their loved ones and significantly reduce confusion
during a very difficult time,” said attorney
Robert Shapiro, co-founder of LegalZoom. “LegalZoom
can simplify the process for everyone involved by helping people prepare
a last will, living will or a power of attorney online.”
The survey also revealed that there is a perception among younger
Boomers that “other”
people will take responsibility for helping their parents with their
last will or living trust. Survey respondents noted that one of the
reasons they haven’t participated in their
parents’ estate planning is because they
believe it is the responsibility of their older or geographically-closer
sibling.
Interestingly, one respondent noted that her parents did not need a last
will because they did not have an “estate.”
“For a lot of people, the word ‘estate’
conjures images of mansions with rolling hills and horses. It’s
a common misconception,” noted Brian Liu,
co-founder and chairman of LegalZoom.com. “If
you have a house, a child, or simply a family heirloom you’d
like to pass on to a specific person, you have an estate. And, you need
to protect it and make your wishes known with a last will or living
trust.”
The survey also indicated that there is a perception among Boomers that
a last will or living trust may come with a high cost. Of respondents
whose parents have passed away, 27% estimate their parents paid between
$500 and $1500 for their last will or living trust. LegalZoom offers
affordable Will packages starting at $69, saving consumers on average
$471.00 when they use LegalZoom.
Conducted by InsightExpress, the survey sampled 701 adults nationwide
over the age of 40 and measured their willingness to participate in
their parents’ estate planning.
About LegalZoom.com
LegalZoom.com is the nation’s leading online
legal document and filing service. Co-founded by attorney Robert Shapiro
in 2001, LegalZoom.com (www.legalzoom.com)
offers a convenient and cost-effective way to take care of common legal
needs. LegalZoom service offerings include: Wills, Living Wills,
Incorporation, LLC Formation, Living Trusts, Powers of Attorney,
Divorce, Small Claims, Trademarks, Patents, Copyrights and more.
LegalZoom.com is not a law firm and does not provide legal advice or
counsel.
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