Estate planning might not always be at the top of your mind. However, it’s one of the most important steps you can take to protect your family and assets. In 2008, the House of Representatives established National Estate Planning Awareness Week to promote the importance of proper estate planning. The initiative takes place every third full week of October and encourages people to consider their future and the legacy they want to leave behind.
Why Is Estate Planning Important?
Many people put off creating an estate plan, thinking it’s only necessary for the wealthy. However, estate planning is something everyone should consider, no matter their financial situation. Without a proper plan, families could face difficulties, delays and legal challenges when it comes time to distribute assets or make decisions.
Having an estate plan means you control how your assets are passed on rather than letting the state decide. It also allows you to choose who will manage your finances and healthcare decisions if you cannot do so yourself.
Who Should Create an Estate Plan?
If you have any assets – from a house to a savings account – or if you have children, it’s time to start thinking about your estate plan. Life is unpredictable. Having a plan in place ensures that your wishes will be honored. Estate planning can help with more than just financial matters. It also allows you to name a guardian for your children, choose who will make medical decisions on your behalf and specify your end-of-life wishes.
What If You Don’t have an Estate Plan?
Without an estate plan, the distribution of your assets is left to state law. This could mean your property goes to someone you didn’t intend to benefit, or your family will face delays and legal costs to sort things out. It can also create tension among loved ones, who may disagree about how to handle your affairs. Taking the time to plan ensures your family can avoid unnecessary conflict and confusion.
How Can You Participate in National Estate Planning Awareness Week?
National Estate Planning Awareness Week is a great time to start thinking about your own plans or update the ones you already have. Consider these simple steps:
- Assess Your Assets: Take stock of what you own and how you’d like to distribute those assets.
- Choose Key Individuals: Decide who you trust to carry out your wishes, including an executor, guardian for your children and someone to make medical or financial decisions if you can’t.
- Talk to a Professional: Estate planning can be complicated, and an experienced estate planning attorney can help you navigate the details and legal requirements.
Hosting or attending an event during this week is also a good way to learn more about the benefits of estate planning. Many local groups and estate planning councils offer community outreach events and information sessions to help you get started.
What Should Be Included in an Estate Plan?
At a minimum, your estate plan should include the following:
- Last Will and Testament: Specifies how your assets should be distributed and names guardians for your children.
- Power of Attorney: You can designate someone to handle your financial affairs, if you cannot.
- Advance Healthcare Directive: Includes your wishes for medical treatment, if you can’t communicate them.
- Revocable Living Trust: Helps avoid probate and provides more flexibility in asset management.
How to Get Started with Estate Planning
Taking the first step toward estate planning is often the most challenging part. However, once you start, the peace of mind it brings is well worth the effort. National Estate Planning Awareness Week is the perfect reminder to begin the process.
Start by reviewing your current financial situation and personal goals. Whether creating a will, setting up a trust, or deciding on healthcare preferences, it’s important to seek advice from an experienced attorney.
Our team is here to help you create a plan that ensures your wishes are honored, and your family is protected. Schedule a consultation now to get started with your estate planning journey.
Key Takeaways:
- Understand the Importance: Estate planning is essential to protecting your family’s future and ensuring that your wishes are carried out.
- Avoid Confusion: State law decides what happens to your assets without a plan, often causing delays and disputes.
- Plan for More Than Assets: Estate planning covers your finances, healthcare decisions and guardianship for minor children.
- Take Control: National Estate Planning Awareness Week is the perfect time to start or update your estate plan.
- Seek Professional Guidance: An estate planning attorney can help you navigate the legal aspects and tailor a plan to your needs.
Reference: National Association of Estate Planners & Councils (NAEPC) “National Estate Planning Awareness Week Information”