A recent survey by LegalZoom.com 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 shows 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 percent, participated in their parents’ estate planning, with 34 percent initiating the conversation and 34 percent 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 percent participated in the process of creating a last will and living trust, with 18 percent initiating the conversation and 17 percent 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,” says attorney Robert Shapiro, co-founder of LegalZoom.com.
Survey respondents noted that one reason they haven’t participated in their parents’ estate planning is because they believe it is the responsibility of their older or geographically-closer sibling. 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 percent estimate their parents paid between $500 and $1,500 for their last will or living trust.