Many young, affluent women admit that they would have no idea where to look for important family financial documents if their parents died.
Researchers at the MainStay Investments unit of New York Life Insurance Company, New York, have published data supporting that conclusion in a summary of results from a survey of 987 U.S. residents ages 27 to 60 with at least $250,000 in investable assets.
The researchers classified participants born from 1965 to 1979 as GenXers; participants born from 1956 to 1964 as Late Baby Boomers; and participants born from 1946 to 1955 as Early Boomers.
About 72% of the GenXers and Boomers interviewed agreed with this statement: “If my parent(s) were to pass away, I (or one of my siblings) know what we need to do and whom we need to contact to settle the estate.”
Similarly, 63% of the GenXers and Boomers agreed that, “If my parent(s) were to pass away, I would be able to locate all of the critical financial records and documents required to settle the estate fairly easily.”