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2019 Conference

May 21–23, 2019

Westin Arlington Gateway, Arlington, VA, USA

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106 Estate Planning Preparedness Among Older Adults: A Closer Look at Will and Trust Adoptions

Wednesday, May 22, 2019 at 8:00 AM–8:50 AM EDT
Prefunction ACD
Key Words

Estate planning, Wills, Trusts

Short Description

Despite the significance of setting up up-to-date wills and trusts, only less than half (46.4%) of the respondents adopted wills or trusts yet. Bequest motives were positively associated with will and trust adoptions. Respondents who were older, being White, being male, had higher education, being retired, had more household income and net worth, were in excellent/very good/good health, and had bequest motives were more likely to adopt wills and trusts. Findings of this study can help financial planners, educators, and policymakers understand the current situations of wills and trusts adoptions among the U.S. elderly. Moreover, the results raise awareness among the older generations of the importance of having a will or a trust so that they can make informative and timely estate planning decisions.  

First & Corresponding Author

Guopeng Cheng, University of Missouri
Authors in the order to be printed

Guopeng Cheng, Lu Fan 

Additional Authors

Lu Fan, University of Missouri
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