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

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  • Michael R. Greenberg
  • Marc Weiner
  • Gwendolyn B. Greenberg

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.

Suggested Citation

  • Michael R. Greenberg & Marc Weiner & Gwendolyn B. Greenberg, 2009. "Risk‐Reducing Legal Documents: Controlling Personal Health and Financial Resources," Risk Analysis, John Wiley & Sons, vol. 29(11), pages 1578-1587, November.
    • Handle: RePEc:wly:riskan:v:29:y:2009:i:11:p:1578-1587
    DOI: 10.1111/j.1539-6924.2009.01282.x
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    Cited by:

    1. Michael Greenberg & Karen Lowrie, 2012. "Daniel Kahneman: How We Think and Choose," Risk Analysis, John Wiley & Sons, vol. 32(7), pages 1113-1116, July.
    2. Michael Greenberg & Charles Haas & Anthony Cox & Karen Lowrie & Katherine McComas & Warner North, 2012. "Ten Most Important Accomplishments in Risk Analysis, 1980–2010," Risk Analysis, John Wiley & Sons, vol. 32(5), pages 771-781, May.

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