10. Legal Preparedness
Older adults and their families are sometimes unprepared for the difficult and distressing decisions that must be made later in life. The legal focus area of ATW means planning
and managing personal and family life through preparation for major life decisions. There are various ways older adults can plan for the future to ensure that their values, wishes,
and choices are known and respected. A will, living trust, or other document specifies how property will be distributed after death. A durable power of attorney allows a
specified person to manage personal or financial matters in case of incapacity. A
healthcare power of attorney and other advance planning documents provide direction for
end-of-life healthcare. A greater proportion had a durable power of attorney and health care power of attorney in 2008 compared to 2004.
Table 10.1 Specific Legal Preparations
| Do you have any of the following? (All that apply) |
Percent of respondents 2004 |
Percent of respondents 2008 |
| A will |
69% |
68% |
| Any other way to distribute your belongings after death other than a will (e.g., living trust, joint ownership) |
27% |
28% |
| Any other document that would allow others to make personal or financial decisions on your behalf if you were unable to do so (e.g., durable power of attorney) |
49% |
54% |
| Any other document that would allow others to make health decisions on your behalf if you were unable to do so (e.g., health care power of attorney) |
49% |
53% |
If assistance was needed with a legal matter, 80 percent reported in 2004 and 78 percent in 2008 that they know where to go for help.
Overall, older Texans reported feeling very or somewhat prepared for their future financial needs in both years.
Table 10.2 Preparation for Legal Needs
| How prepared are you… |
Very prepared |
Somewhat prepared |
Somewhat unprepared |
Very unprepared |
Total |
| Survey year 2004: To meet your future legal needs |
38% |
42% |
10% |
9% |
100% |
| Survey year 2008: To meet your future legal needs |
38% |
40% |
11% |
11% |
100% |
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Updated:
April 11, 2012
