Will adoption and life events among older adults

Authors

  • Lance Palmer Department of Housing and Consumer Economics, University of Georgia
  • Vibha Bhargava Department of Consumer Sciences, Ohio State University
  • Gong-Soog Hong Department of Consumer Sciences, Ohio State University

DOI:

https://doi.org/10.61190/fsr.v15i4.4865

Keywords:

Cancer, Will, Estate planning, Life events

Abstract

This study examines the relation between life events and the adoption of wills among older adults using the 1996 and 2000 surveys of the Heath and Retirement Study. The results suggest that the adoption of wills and trusts is associated with four life events (i.e., becoming a widow, being diagnosed with cancer, retiring, and having a positive change in assets). Older adults experiencing these events appear to be taking financial planning actions; therefore, appropriate educational and marketing efforts targeting these individuals may be more effective, readily accepted, and more cost efficient compared to general outreach and marketing campaigns.

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Published

2006-12-31

Issue

Vol. 15 No. 4 (2006): FSR Winter 2006

Section

New Original Submission

License

Copyright (c) 2006 Academy of Financial Services

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How to Cite

Will adoption and life events among older adults. (2006). Financial Services Review, 15(4), 281-295. https://doi.org/10.61190/fsr.v15i4.4865