Retirement has become a hot topic for the baby boomer generation, as many are providing home health care to elderly parents and more still are reaching the end of their own professional careers. Surprisingly, however, a large number of Americans - including many over the age of 65 - haven't taken one of the most important steps at this stage of life: preparing a will.
Legal service provider Rocket Lawyer recently polled a range of American adults and discovered that only half of respondents have created a will. Forty-one percent of baby boomers, or those between the ages of 55 and 64, haven't yet prepared one.
"People are busy living their lives and do not want to think about their mortality," Niran Kundapur, director of product planning at LexisNexis, told DailyFinance. "Yet, estate planning is not about our own self. It's about ensuring the best possible future for family and loved ones."
According to the Rocket Lawyer survey, the top reason noted for not creating a will was procrastination, at a 34 percent response rate. A smaller number of those polled listed the expense of legal fees, as well as not perceiving a need for the document.