National Estate Planning Awareness Week is Upon Us!

October 19th through October 25th is National Estate Planning Awareness Week here in the United States. The National Association of Estate Planners and Councils (NAEPC), comprised of 1,800 accredited estate planners, 260 affiliated estate planning councils, and 29,000 members has worked to become the central resource for estate planners and individuals looking to plan for their financial futures.

The Goal of National Estate Planning Awareness Week

With a reported 56% of Americans lacking an up-to-date estate plan, National Estate Planning Awareness Week is still a work in progress. Established in 2008 to help the public understand the basics of estate planning and show how essential it is for financial wellness, the NAEPC works with local councils to make estate planning more approachable and manageable.

Common Excuses for not Planning

Over half the country does not have an up-to-date estate plan. Common excuses we hear in the industry are:

  • “I’m not old enough to start estate planning.”
  • “All my assets are titled in a joint tenancy with my spouse, so I have no need for a will.”
  • “Estate planning is only for wealthy people.”
  • “I don’t have time to estate plan. I’m too busy.”
  • “The government will take care of my estate.”
  • “My spouse and I did our wills 20 years ago when we got married. What else do we need to do?”

 

Why Estate Planning is Essential

Many people associate the word “estate” with an expansive and expensive property and, therefore, assume they don’t have an estate that needs to be organized and planned. In reality, a person’s estate refers to all of their assets. Everything you own is a part of your estate. The idea of estate planning is to guarantee that your assets are passed on in the way you would like them to be. Estate planning also aims to reduce the amount of your estate that is taxed. Without a clear will, your loved ones will be left with the difficult task of dividing up your assets. This task can lead to considerable conflict. The truth is that it’s never too soon to begin planning for your estate. Even if you’ve already created a will, it’s wise to revisit it once in a while to make sure you’re still comfortable with the content.

Estate Planning with Cohen & Burnett

If you’ve been putting off drafting a will and planning your estate, the good news is that it’s never too late. Cohen & Burnett provides asset protection, estate planning, financial planning, retirement planning, legal planning, and tax strategies. For more information on how we help secure our clients’ financial futures, please visit our homepage.

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