Risk‐Reducing Legal Documents: Controlling Personal Health and Financial Resources

Michael R. Greenberg, Marc Weiner and Gwendolyn B. Greenberg

Risk Analysis, 2009, vol. 29, issue 11, 1578-1587

Abstract: Every adult can eliminate the risk of losing control of personal health decisions and financial resources by having a last will and testament, health proxy, power of attorney, and living trust. Yet evidence suggests that less than a majority of adult Americans have these documents. We surveyed 900 adult Americans (25 plus years old) to determine what factors predict the possession of these risk‐reducing documents. In total, 46% had a living will and testament, 32% a durable power of attorney, 30% a health proxy, and 18% a living trust. Events that prompt people with wealth to secure these documents, such as increasing age, getting married, having children, and experiencing a life‐threatening event were the strongest predictors of having a will. These were also among the strongest predictors of having a health proxy, along with a personal history of being proactive, and a family history that fostered trust of attorneys. Affluence, age, and education were the strongest predictors of having a living trust, and the strongest correlate of having a durable power of attorney was having faced a life‐threatening event, positive experiences with attorneys, and higher educational achievement.

Date: 2009
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https://doi.org/10.1111/j.1539-6924.2009.01282.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:29:y:2009:i:11:p:1578-1587

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