National Estate Planning Awareness Week is observed annually to educate the public about estate planning and why it's important to achieve financial wellness.
"Estate planning" is defined as the growth, conservation, and transfer of an individual's wealth through an estate plan. The goal is to develop a strategy for financial security during life as well as plan for transferring assets at death to your intended beneficiaries. Individuals have a variety of assets and goals, including passing their assets to family, friends, and charitable organizations.
It is estimated that more than half of Americans—56%—do not have an estate plan that is current. Common excuses for not having a plan include these:
Advisors who can assist you with an estate plan include attorneys as well as accountants, financial advisors, trust officers, and life insurance agents. Common documents that are drafted include a will, a revocable trust, a durable power of attorney, a health care proxy, and a living will.
Let National Estate Planning Week inspire you to ensure your personal and charitable objectives by creating or updating your estate plan today.
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