National Estate Planning Awareness Week: Protecting Your Legacy for the Future

National Estate Planning Awareness Week is a reminder that everyone, regardless of age or assets, should have an estate plan in place. Over half of Americans do not have an up-to-date estate plan, which can lead to complications such as delays in asset disposal or assets being distributed against personal wishes. An estate plan outlines what should happen to your assets in case of incapacity or death, minimizing estate and gift taxes and ensuring assets are distributed according to your wishes. It can include documents such as a will, trust, power of attorney, and living trust. Estate planning is important for everyone, not just the wealthy, as it protects assets and loved ones from unnecessary complications.

Failure to have an estate plan can result in assets being distributed according to state laws rather than personal wishes. This can lead to conflicts, especially in cases of blended families, where adult children from a previous marriage may dispute with a surviving spouse. Regularly reviewing and updating your estate plan is crucial, especially after major life events such as marriage, birth, death, or changes in financial situation. Sharing your estate plan with trusted individuals is also important to ensure that your wishes are carried out.

While estate planning may seem overwhelming, working with a professional can help navigate the complexities of estate taxes and probate. Taking the first step to create an estate plan is essential for securing the future of your assets and loved ones. So, make sure to set aside time during National Estate Planning Awareness Week to educate yourself on estate planning and take the necessary steps to protect your legacy.