In 2008 the House of Representatives designated the third week of October each year as National Estate Planning Awareness Week. In 2024 this will be observed October 21 through 27. The purpose of this week is to help people understand what estate planning is and why it is important.

Having a complete estate plan can help you accomplish the following personal and financial goals: choosing who will receive your assets, choosing who will handle your final personal matters, naming a guardian for your minor children, providing peace of mind for yourself and your loved ones, decreasing expenses, possibly lowering taxes, and ensuring your intended charitable gifts are made.

What is estate planning?

Estate planning is the process of determining what assets you have, how to best manage them during your life, and how you would like to distribute them at your death. A will is a crucial part of an estate plan; other common documents include trusts, powers of attorney, living wills, and health care proxies. Provisions in these documents vary depending on the laws of the state in which you reside. While state laws set a default plan, no states’ laws direct any assets to charitable organizations such as ours—so, if you wish to include a legacy gift to support our work, it will require some planning. Consulting with an estate-planning attorney allows you to ask questions and create a personalized estate plan.

Why is estate planning important?

Many people have accumulated assets over their lifetimes that need to be managed and preserved until they determine whom to give them to during and after their lifetimes. They may wish to make gifts to family, assist a child or grandchild in buying a home or paying for an education, plan to minimize taxes, and perhaps make a charitable gift to our organization to support our mission far into the future.

How do I begin?

A good place to begin is by reviewing your estate-planning documents (if you have them) or finding an estate-planning attorney to assist you in creating your estate plan. A good plan involves more than a will—it also includes beneficiary designations for your retirement plans, IRAs, and bank/brokerage accounts; a review of your life insurance; and more. All assets that you own are part of your estate: retirement plans, real estate, insurance policies, bank accounts, and personal property. An estate-planning attorney can advise regarding your assets and goals, both personal and charitable, and help you achieve them throughout your lifetime and beyond.

We would be pleased to speak with you about ways you can enhance your impact through a charitable gift in your estate plan.