- What Is National Estate Planning Awareness Month?
- Step-by-Step Guide to Get Started with Estate Planning
- Common Questions and Answers About Estate Planning
- Tips on How to Make the Most of National Estate Planning Awareness Month
- Top 5 Facts About Estate Planning
- Resources to Learn More About Estate Planning
What Is National Estate Planning Awareness Month?
National Estate Planning Awareness Month is an annual campaign that helps to raise awareness about the importance of proper estate planning. It takes place during the month of October and is sponsored by the National Association of Estate Planners & Councils (NAEPC). This campaign aims to educate Americans about their legal rights in regards to end-of-life planning, such as powers of attorney, beneficiary designations, will creation and more.
It’s crucial for individuals to take time during this month to create an estate plan so they have a clear understanding of how their assets will be allocated upon death. Having an up-to-date estate plan can help ease the burden on family members while also giving individuals a sense of security knowing that everything is in order should something happen. Without proper planning, estates may go through lengthy probate proceedings and valuable assets may not be passed down according to one’s wishes.
This month encourages everyone to acknowledge their own mortality and take precautions accordingly so that their loved ones are fully taken care of with respect and dignity. A professional estate planner can make it much easier for individuals to navigate through various state laws when creating a plan suited towards them and their unique lifestyle.
By taking part in National Estate Planning Awareness Month, you are sending a message that good financial practice includes considering your legacy while you are still living — ensuring that we all achieve our goals no matter what life throws at us!
Step-by-Step Guide to Get Started with Estate Planning
If you’ve been feeling overwhelmed by all of the decisions that need to be made when it comes to estate planning, then you’re not alone. It can seem daunting—knowing where to start, who to talk to, and how much money is involved—but with a little information, you can get your plan off on the right foot. Here’s our guide for getting started with estate planning.
Step One: Assess Your Needs
The first step in any estate plan is assessing your needs and determining what kind of legacy you want to leave behind. Think about who will carry on your legacy, from important guardianship choices for minor children or pets all the way down to gifting rituals for family members and charities. Are there any assets or investments that need specific instructions? Do you have creditors that should be taken care of? Knowing the answers to these questions will help guide the right decisions during your planning process.
Step Two: Choose an Estate Planning Professional
A good attorney is essential when it comes to legally setting up a trust or writing a will. Look for someone experienced in estate planning and familiar with local laws, as well as someone who understands and respects your overall desires while offering honest advice when needed. A certified public accountant may also be helpful if complex financial strategies are involved in your plan.
Step Three: Decide on an Estate Plan Type
The most common type of estate plan involves creating a will, but trusts can play major roles in maintaining wealth over time and protecting family assets from outsiders (including potential creditors). There are also lesser-known options like post-mortem asset transfer plans, which provide life insurance funds tax-free after death; such plans might serve as alternatives if liquidity is lacking or charitable donations are desired without incurring high taxes upon expiration of trust terms. Lastly, consider other documents like medical directives regarding end-of-life healthcare wishes and powers of attorney in
Common Questions and Answers About Estate Planning
Estate planning is an incredibly important process that protects the assets and property of individuals after they pass away. If a person has not adequately planned for their estate, the financial matters that must be taken care of when they die or become incapacitated will be in jeopardy. This can result in additional anxiety and stress for your family during an already difficult time. In this blog post, we’ll answer some of the most common questions about estate planning to help you better understand this important process.
What is Estate Planning?
Estate planning is a set of legal processes whereby you determine how you want your property to be managed while you are alive, as well as distribute your belongings after death. Estate planning also encompasses other areas such as providing for your minor children if something happened to you, and protecting yourself if you become unable to make decisions due to illness or injury. An effective estate plan requires creating various documents such as powers of attorney (for medical care, finance and legal matters) wills, trusts and more
Why Do I Need Estate Planning?
Estate planning offers peace of mind knowing that all areas are taken into account should anything happen to you today or tomorrow. Without proper documentation outlining what steps need to be taken on behalf of your loved ones, disputes may arise over who gets what in the event that no wishes have been expressed during life. Beyond simply creating documents such as wills and trusts, attorneys can provide legal guidance so paperwork gets processed quickly at a difficult time for those affected by loss. Plus, proactively going through the estate planning process allows beneficiaries access to resources much sooner than waiting until after death has occurred with no clear statement on how it should all work out can provide significant savings on both taxes but also probate costs down the line!
What Kinds Of Documents Does Estate Planning Include?
Usually three different types of documents encompass an official estate plan:
• A will: This document outlines how you would
Tips on How to Make the Most of National Estate Planning Awareness Month
It’s National Estate Planning Awareness Month, and that means it’s time to get serious about getting your affairs in order. Whether you are just starting out on your estate plan or have been planning for many years, there are steps you can take to maximize the potential of National Estate Planning Awareness Month. Here are a few tips to help make the most of the month:
1. Get Educated: Estate planning involves complex legal and financial matters, so it is important for everyone to understand what is involved in creating an effective plan. Take advantage of the resources available during National Estate Planning Awareness Month – from podcasts, webinars and seminars – to brush up on all aspects of estate planning. Consider reaching out to an experienced estate-planning attorney for personalized advice about strategies that may be right for you and your family.
2. Reevaluate Your Plan: Review your existing estate plan with a fine-tooth comb during National Estate Planning Awareness Month – even if it was recently formalized – to ensure everything is still accurate and applies current laws and regulations. You will want to review information such as beneficiary designations, powers of attorney, wills/living trusts/living wills, health care directives/advance directives and any other documents associated with your specific needs or situation.
3. Update Your Portfolio: As part of your annual review process during National Estate Planning Awareness month (and ideally throughout the year) evaluate those investments intended for gifting or passing on after death, ensuring they remain aligned with goals within your overall strategy or portfolio framework. Also consider discussing investment techniques such as UTMAs/UGMAs with an advisor who understands these tax-advantageous accounts meant to provide asset protection from creditors while providing maximum growth potential opportunities as well as leverage options not found in traditional 529 plans also known as Qualified Education Benefit Accounts (QEBAs).
4. Introduce Your Loved Ones To Professional Advisors
Top 5 Facts About Estate Planning
Estate planning is an important part of taking care of yourself, your family, and ultimately your assets. Everyone should have a good plan that covers all aspects of financial management. Here are the top five facts about estate planning:
1. It’s never too soon to start planning for the future: Estate planning doesn’t just affect those who are nearing retirement age; it has implications for everyone throughout their lives. Consider crafting an estate plan even during early adulthood so that you can better manage your money now and in years to come.
2. Estate plans can help to reduce or avoid taxes: Creating a sound estate plan with the help of experts may reduce or eliminate taxation on one’s assets, thus providing extra money for oneself or the beneficiaries of their estate plans.
3. You don’t necessarily need an attorney: An experienced lawyer can assist you in creating a comprehensive estate plan that meets state laws and regulations but is tailored to meet your needs and wishes as they evolve over time. DIY online resources also exist that provide digital asset management solutions or free/low-cost forms which enable someone to use less technical terms when drafting documents like wills, trusts, etc., without legal counsel interference (just be sure to double check local jurisdictions).
4. Establishing guardianship for minor children can help ensure the security of young ones in difficult times: Parents may designate another person (family member or friend) as guardian for their kids should anything happen to them – this helps increase certainty by making clear who is best suited for protecting minors if parents cannot do so themselves. Knowing guardians are properly chosen gives peace of mind both before and after passing away; explicit instructions in Wills also allow others to not second guess parental choices regarding care provision in times of dispute among relatives (or other involved parties).
5 Estate plans need updating throughout one’s lifetime: As family dynamics shift, life circumstances change, tax laws adjust,
Resources to Learn More About Estate Planning
Estate planning is an important part of financial planning. It involves creating a plan to protect, manage, and distribute your assets—including real estate, investments, cash accounts, and other personal property—in the event of your death or incapacitation. Estate Planning can help you limit estate-related taxes and court costs; maintain control over your assets during life and after death; fully prepare for any changes in circumstances; provide instructions on how to manage certain aspects of your estate; make sure loved ones are taken care of when you can’t do it yourself; and minimize family conflicts over inheritance.
The process of creating an effective estate plan depends upon understanding all available resources–including legal advice from qualified professionals such as attorneys or fiduciaries–and tailoring the plan to meet individual needs. With this in mind, here are some additional resources to learn more about estate planning:
1) Websites & Blogs – A great place to start researching estate planning is online. There are many informative and user-friendly websites/blogs associated with organizations such as The American Bar Association (ABA), The National Academy of Elder Law Attorneys (NAELA), The American College of Trusts & Estates Counsel (ACTEC), or state bar association websites that provide access to information about estate planning laws and other related topics.
2) Estate Planning Books – Many books have been written on the subject bytop legal scholars, practitioners, experts in numerous areas (e.g.,fiduciary counseling), trusts & estates professors, etc.; they range from introductory level manuals on the basics through detailed technical treatiseson specific areas like nonprofit gifting plans or internationalestate tax issues.
3) Professional Associations – Joining professional associations gives you access to publications/research materials related toestate-planning law developments which also provides excellent networking opportunities with fellow professionals who may be able to refer prospective clients whose needs are best addressedby experienced