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The month of October is National Estate Planning Month, and more specifically the third week of October (October 19 through 25) is National Estate Planning Awareness Week. It’s a real thing and the U.S. House of Representatives actually issued a resolution about it which you can read here:
https://www.govtrack.us/congress/bills/110/hres1499/text/eh#link=2&nearest=H5667EC8552C34718B78DB37C3EC82B1E
The resolution points out that it is estimated that 120,000,000 Americans do not have up to date estate plans (at least as of 2008). This number is probably accurate because even when I meet with individuals who have a plan in place, it is either a little out of date or does not say what they think it says. Of course, just because a plan is old does not mean it will not work. A 1995 model car will still get you to your location, but a 2026 model will be less likely to break down and it will certainly have more bells and whistles.
Estate planning is comprised of so many different factors. As the Congressional document points out, these include:
- Safekeeping of Important Documents
- Documentation of Assets
- Differences in State Law
- Creation of Legal Documents
- Insurance
- Trust Arrangements
- Charitable Giving
- Lifetime Care Needs
- Other Important Factors
As you can see, if you do it well, estate planning can be complex. It does help to involve several professionals in the process, such as your accountant, insurance agent and financial planner. Legal documents are just one component (albeit an important one).
Finally, the resolution states that careful estate planning can “greatly reduce confusion or even animosity among family members or other heirs upon the death of a loved one.” Who would not want to reduce actual animosity between their loved ones? Sometimes leaving a poorly planned estate is like rolling a hand grenade into the middle of your loved ones at the funeral. You get to enjoy eternity, while you leave them to pick up the pieces.
Now to be totally fair, it is not just about estate planning. The third week in October is also:
- International Infection Protection Week
- National Vet Tech Week
- National Wolf Awareness Week
- National Businesswomen’s Week
- Medical Assistants Recognition Week
Please celebrate the spirit of this week by ensuring that your affairs are in order or in the alternative I suppose you could do something nice for a wolf.
© PracticalCLE, LLC
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