Fall is a Great Time for Estate Planning
Did you know that the third week of October has been designated by Congress as National Estate Planning Awareness Week?
Estate planning is the process of creating a plan to manage your assets in the event that you become incapacitated or pass away. The planning includes the distribution of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
You might be surprised to learn that estate planning is one of the most overlooked areas of personal financial management. It is estimated that 70% of Americans do not have an estate plan. In fact, many mistakenly believe that this process is only for the wealthy or the retired. Estate Planning is for everyone!
According to one source, estate planning is an important process that can help protect you, your family, and your assets. Proper estate planning can save you and your loved ones money and it also ensures that your assets are handled according to your wishes.
National Estate Planning Awareness Week is the perfect time to make sure your affairs are in order in the event of sickness, an accident, or untimely death.
And if you already have a plan, this is a good time to review your plan to make needed adjustments to beneficiary designations or modify retirement accounts and insurance policies.