It’s National Estate Planning Awareness Week!
Did you know October 19 – October 25th, 2020 is National Estate Planning Awareness Week?
Now you do!
Here are some fun facts:
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National Estate Planning Awareness Week is celebrated in the 3rd week of October.
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The National Association of Estate Planners & Councils (NAEPC) led the effort to educate people about the importance of estate planning.
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It was passed by Congress in 2008.
And here are not so fun facts:
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Over 56% of Americans do not have up-to-date estate planning documents.
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According to the Social Security Administration, a 20-year-old worker has a 1 in 4 chance of becoming disabled before retirement age.
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A Pew Research study “Nearly half (47%) of adults in their 40s and 50s have a parent age 65 or older and either raising a young child or financially supporting a grown child (age 18 or older)”.
Because people are living longer and have more people who depend on them (their children and their parents) – estate planning is critical. Furthermore, proper estate planning ensures the financial well-being of your family if you become incapacitated or die.
What you can do:
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Talk with your family about your wishes and plans.
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Think about who you want to make your financial decisions and healthcare decisions if you were unable.
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Consider what end-of-life measures you want taken (or not taken) if you had an end-stage illness. This is a living will or advance medical directives.
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Determine who you want to handle your estate when you die, called the executor or personal representative.
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Determine who are your beneficiaries, those that will inherit your estate.
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Make an appointment with an estate planning attorney. Don’t know one? Check out How to Choose an Estate Planning Attorney.
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Put together a Family Information Binder where you have your important financial, medical, and legal documents in one place.
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