Two-thirds of parents don’t have this vital document they need in case of emergency

A recent survey has revealed that two-thirds of parents do not have a vital document that they would need in case of an emergency. This document, often referred to as a living will or advance directive, outlines a person's wishes for medical treatment if they become incapacitated and are unable to communicate their decisions. For parents, having such a document in place is especially important, as it ensures that their children's care and well-being are protected in the event of a serious accident or illness.

The reasons why parents may be hesitant to create this document are varied, but often center around the uncomfortable nature of the topic. Many people, including parents, may be reluctant to think about their own mortality or the possibility of becoming incapacitated. Additionally, the process of creating a living will or advance directive can be complex and time-consuming, requiring individuals to consider a range of difficult scenarios and make decisions about their own medical treatment. From a financial perspective, the absence of such a document can lead to costly and time-consuming court battles, as well as potential financial burdens on loved ones.

As investors and fund managers, it's worth noting that the lack of a living will or advance directive can have implications for financial planning and estate management. In the absence of clear instructions, families may face significant financial and emotional burdens in navigating the complexities of medical treatment and estate administration. Going forward, it's worth watching to see whether financial advisors and wealth managers begin to place greater emphasis on helping clients create these important documents, and whether the financial industry develops new products or services to support this process.

Originally reported by marketwatch.com. FundNews adds analysis for finance & markets readers.