Estate Planning Awareness Week
This week is National Estate Planning Awareness Week. Estate planning is an often overlooked element of financial wellness. It is estimated that over half of Americans do not have an up-to-date estate plan! Estate planning encompasses the growth, conservation, and transfer of an individual’s wealth through the creation and maintenance of an “estate plan.” The purpose of estate planning is to develop a strategy that will maintain the financial security of individuals through their lifetime and ensure the intended transfer of their property and assets at death, while taking into consideration the unique circumstances of the family and the potential costs of different methods.
Make sure your valuables, mementos, and family heirlooms are handed down to the person or organization who will truly appreciate them. Failing to memorialize your wishes in a comprehensive estate plan with a will or trust results in intestate succession—the state’s default plan and best guess at who you would want to have your possessions (i.e. a probate which is costly and time-consuming).
If you already have an estate plan in place, you’re ahead of most! Don’t stop there though…When should you update your estate plan?
While you are alive your estate plan is revocable, which means you should be checking it on a regular basis to make sure you're satisified with the provisions you've chosen and the people you've implemented. If you want to make any changes, you are able to amend these documents at any time.
Have you had a child you need to incorporate?
Do you want to change your distributions?
Do you need to update any beneficiaries or executors?
Did you buy or sell property?
Have your assets (ie bank, investment, or retirement accounts) changed?
Did you get married or divorced?
We suggest doing an in-depth review of your estate plan documents every 3 to 5 years, then contacting your attorney to update them with you.
Call us this week at 858-373-5555 to get 20% off all estate plans when you book a free consultation and purchase an estate plan!*
*appointment and estate plan creation must be scheduled by the end of 2022. Rates based off of full price for couples at $3000, and individuals at $2500