It is estimated that less than half of Americans have an estate plan. To increase awareness about the importance of estate planning, Congress adopted National Estate Planning Awareness Week in 2008, which is observed annually during the third full week of October.
Why is estate planning so important? On the most basic level, it allows you to take complete control of your affairs and protect your assets now and in the future. For example, proper planning ensures your hard-earned assets will go to the people you want, when you want, in the manner you want after you pass away. Estate planning can also ensure that people you trust have the authority to make financial and medical decisions on your behalf in the event of incapacity.
Depending on your particular needs and goals, estate planning can help you accomplish a great deal more, including:
- Protect your assets against lawsuits, creditors, the high cost of long-term care, and other threats
- Ensure your minor children are raised according to your wishes if something terrible happens to you and your spouse
- Pass your values, work ethic, and sense of responsibility on to heirs
- Reduce income, estate, gift, and other taxes
- Keep your financial affairs and family information private
- Protect the inheritances of your heirs
- Leave an enduring legacy
Ultimately, estate planning gives you the peace of mind that comes from knowing you have a plan in place for whatever the future may hold.
In honor of National Estate Planning Awareness Week, we are offering free consultations throughout the month of October. You can meet with us in-person at our office or virtually via Zoom and other platforms. Let’s talk soon.