How to Prepare to Leave a Legacy: Study
February 10, 2019 by Bernice Napach
Death is not taboo, but failing to prepare for it financially is looked down upon. Those are just two of the many findings of a new report from Merrill Lynch in partnership with Age Wave that may interest advisors, especially those with clients who are middle-aged and older.
The study of 3,000 adults, with a focus on those 55 and older, found that nine out of 10 are open to discussing end-of-life preferences with friends and family, and dementia and pain are their biggest fears around dying.
Getting their affairs in order beforehand is key, but only 55% of Americans have wills and only 18% have the three recommended essentials — a will, health care directive and durable power of attorney, according to the study.
Respondents with $1 million or more in investable assets were the most prepared — 41% of them had taken care of the three essentials compared with 27% for those with $250,000 to just under $1 million in assets, but that’s still less than half.
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