Celebrating National Estate Planning Awareness Week!

Did you know that the third week in October is National Estate Planning Awareness Week? This commemoration was set up back in 2008 to encourage all Americans to protect themselves or their families in the event of sickness, accidents and untimely death.  

This article will summarize the text of the bill creating National Estate Planning Awareness Week to explain why this special week was created and help you understand why Americans commemorate estate planning awareness annually. 

What were the reasons why National Estate Planning Awareness Week was created?

  • A poll referenced in the text of the bill related to this holiday revealed that a large number of Americans believe they lack the knowledge necessary to adequately plan for retirement and that they are unfamiliar with basic retirement tools, such as a 401(k) plan. 
  • What are the benefits of estate planning?
  • Careful estate planning can greatly assist Americans in preserving assets built over a lifetime for the benefit of family, heirs or charities. 

 What are some of the important considerations relating to estate planning?

  • Safekeeping important documents
  • Documentation of assets
  • Preparation of legal instruments
  • Insurance
  • Availability of trust arragements
  • Charitable giving
  • Care of the benefactor during life

 What are some of the decisions that can be involved in estate planning?

  • Decisions about the method of holding title to certain assets
  • Decisions about the designation of beneficiaries
  • Decisions about possible transfer of assets during the life of the benefactor

What were some of the concerns that prompted the bill creating this estate planning holiday?

  • Many Americans are unaware that lack of estate planning and “financial illiteracy may cause their assets to be disposed of to unintended parties
  • Lack of careful planning may lead family members or other beneficiaries to being subjected to complex legal and administrative processes requiring significant expenditure of time
  • Lack of planning can lead to confusion and even animosity among family members upon the death of a loved one
  • Failure to prepare may lead to favorite charities being overlooked and benefactor’s gift-giving goals frustrated. 
  • Many Americans may want to have a plan for organ donation and use of life support functions, which intentions may be unclear without proper estate planning

Where does implementation of an estate plan start?

  • The first steps are education and planning and then the proper drafting and execution of appropriate legal documents, which may include will, trusts and durable power of attorney for health care. 

CONSULT THE LAW OFFICE OF DAVID KNECHT

Estate planning does not have to be a chore you dread or procrastinate. At the Law Office of David Knecht, we have years of experience with estate planning and can help make the process easy for you. In honor of Estate Planning Awareness Week, take a step today for the good of yourself and your loved ones, and call us today at 707-451-4502.