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Among nonwhite adults, the lack of wills is particularly pronounced. Only one in three African-American adults (32 percent) and one in four Hispanic-American adults (26 percent) have wills, compared to more than half (52 percent) of white American adults.
"Surprisingly, the majority of Americans still aren't planning for the distribution of their estate after death," said Alan Kopit. "Virtually every adult dies possessing some form of property, but without a will, it's up to the state to decide how those assets are distributed-which may not reflect an individual's actual desires. People often attach the need for a will to having a lot of assets, which reflects a misunderstanding about a will's actual function."
Living Wills,
Powers of Attorney
Two in five adults (41 percent) now have living wills in place, a full 10 percent more than those who had one just three years ago. Living wills dictate individuals' directions for receiving life-sustaining medical intervention in the event of grave illness or injury.
Additionally, two in five (38 percent) American adults report assigning a power of attorney for health care purposes, compared to 27 percent in 2004. A power of attorney for health care legally delegates authority to another to make medical decisions for that individual if he or she is incapacitated.
"In preparing a living will and accompanying power of attorney for health care, you're clarifying your desires unequivocally. With minimal advance preparations and costs, loved ones can be spared from difficult decisions and uncertainties during emotional times," said Kopit.
For more information, visit www.lawyers.com. The survey on estate planning
was conducted by Harris Interactive for Martindale-Hubbell lawyers.com, a
comprehensive and nationally trusted online resource for finding lawyers.
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