National Estate Planning Awareness Week is upon us, going from October 21st to the 27th this year. So, what is National Estate Planning Awareness Week? Also, why do we need a national awareness week for estate planning? Let’s dig in and find out.
What is National Estate Planning Awareness Week?
Established in 2008, National Estate Planning Awareness Week is an effort to increase public awareness of what estate planning achieves and why it’s essential to everyone’s overall financial wellbeing. To learn more about the resolution passed by Congress, read it here.
The resolution was led by Rep. Mike Thompson (D-CA) and another 49 members of the House of Representatives. They realized the lack of awareness and understanding of estate planning in the American public.
Why Does Estate Planning Need a National Awareness Week?
As a fundamental component of anyone’s financial plan, estate planning is often ignored. According to The National Association of Estate Planners & Councils, it is estimated that 56% of Americans don’t have an up-to-date estate plan. That’s a huge number!
Estate planning is integral in planning for retirement and the continued financial health of one’s family in the event of passing or incapacity. If 56% of Americans are ignoring their estate plan it could mean many estates going into probate, increased legal fees, and undue stress on the family during already difficult times. Probate can often be a long and arduous time.
Managing the transfer of your estate in the event of passing or incapacity is vital. Along with the other 4 Pillars of Retirement, estate planning is a key part of any well-rounded retirement and financial plan.
So, Do I Need an Estate Plan?
National Estate Planning Awareness Week is intended to get you asking just that, “Do I need an estate plan?” Well, generally most people will need an estate plan of some kind if they want to avoid the courts in the event of incapacity or death.
Estate planning is important when creating generational wealth, addressing debts when someone passes, passing down family heirlooms like vacation homes, and most importantly – ensuring your family can focus on what really matters in times of grief. Safeguarding your intended wishes before it’s too late can change everything for your loved ones.
What Can I Do to Get Started on My Estate Plan?
Since retirement planning is at our core, we have estate planning attorneys who work directly with our financial planners and CPAs to develop plans that keep your retirement income, taxes, and family top-of-mind. In fact, a great place to start learning about estate planning is via our podcast The Guided Retirement Show! We have two episodes with our estate planning attorneys; one on wills and probate and another on the pitfalls of going online for your estate plan. Definitely check those out if you’re just getting started.
Estate Planning Guide
Another great place to start is with our Estate Planning Guide. In the Estate Planning Guide, you can learn about estate conservation, indicators you need to update your plan, and more. It also includes our handy Estate Planning Checklist to help you stay on track and up-to-date when building or updating your plan.
Educational Workshops
Live in Kansas City? We regularly host workshops and webinars on a variety of retirement topics like estate planning. Our Is a Will Enough? workshop explains different types of estate plans like wills versus trusts and a deeper look at probate.
A Good Old-Fashioned Consultation
If you’re ready to take the next step and get the ball rolling on your estate plan, or just want a plan check-up, reach out to us by scheduling a complimentary consultation below or calling us at 913-393-1000. We can set up a no-obligation consultation with our estate attorneys to discuss your situation and next steps in developing your estate plan.
In the end, estate planning is a highly individual process that requires looking at all facets of your financial and family situation. It can be uncomfortable to discuss death or incapacity, however, the benefits of executing a well-crafted estate plan will be appreciated by your family and loved ones. So, what are you waiting for? Get started on your estate plan today!
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The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.