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Estate Planning Week
Did you know that two-thirds of Americans think that having a will is important - but only 34% of us actually have a will?
October 21-27 is National Estate Planning Awareness Week.
This is an annual reminder to everyone about how important an estate plan is. Usually, it starts with a will. An estate plan primarily takes care of family or loved ones. But it can also be an opportunity to make a large impact on a cause you care about, without immediate cost to you.
Whether you’re just beginning to think about your will or need to update one, this week is the perfect time to focus on mapping out the future.
What is an estate plan?
An estate plan lists how your assets, healthcare decisions, and financial affairs will be managed after your lifetime or if you become incapacitated. These legal documents are vital to your fiscal health. Usually an estate plan includes:
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A Will outlining how to manage and distribute your assets after your lifetime.
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Powers of Attorney authorizing someone you trust to manage your financial and healthcare decisions if you cannot.
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Directives stating your wishes for medical care if you are unable to communicate them yourself.
Not only does an estate plan safeguard your wishes, but a good plan will also help avoid costly legal processes, reduce taxes, and provide clear guidance for your heirs. And, if you are moved to do so, making a gift in your will would be a powerful way to support Nourish and your neighbors in need for years to come.
How to get started?
One place to start is the National Council on Aging’s estate planning checklist. Their website thoroughly covers estate planning. Nerdwallet has similar information as well.
Having an attorney work with you personally is advised, though the NCOA.org site also has reviews of online will preparation websites. Another online website that can get help is FreeWill.com. As their name suggests, you can use this site to make your own will for free.
It’s up to you!
Whatever your plans, National Estate Planning Awareness Week is an opportunity to consider what your legacy will be. If you plan on leaving Nourish in your will, let us know – (253) 383-3164 or development@nourishpc.org.
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