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Nolan Elder Law and Estate Planning, LLC Blog

Monday, November 21, 2016

National Estate Planning Awareness Week

Why is it so important for me to have an up-to-date estate plan?

National Estate Planning Awareness Week took place this past October 17-23, 2016.  Congress passed a resolution recognizing every third week in October as National Estate Planning Awareness Week in 2008.  It was prompted by the alarming fact that over 120 million Americans are currently without up-to-date estate plans to protect their assets and families in the event of illness or an untimely death.

Why You Need an Estate Plan

Whether you are young or old, wealthy or not, it is critical that you have a basic estate plan in place to guard your investments, home, and legacy.  The main goal of an estate plan is to minimize your tax exposure and provide financial security to your loved ones.  If you do not have an estate plan in place, the state will be forced to make important decisions on your behalf.  The state will decide who receives which of your possessions and even who will care for your minor child.  Sudden deaths without an estate plan can lead to family disputes, tremendous fees, and extreme delays in the distribution of your assets.    

With some basic estate planning, you can ensure your assets and loved ones are protected to the fullest extent.  As National Estate Planning Awareness Week comes to pass, take this time to consult with a licensed Alabama estate planning attorney.  Your attorney will assist you in developing a comprehensive estate plan that meets your needs.

Keep Your Estate Plan Up-to-Date

In addition to urging Americans to create an estate plan, National Estate Planning Awareness Week also seeks to remind you to keep your estate plan up-to-date.  If you have experienced significant life changes since drafting your will or other estate planning documents, you may need to make changes.  For instance, if you are recently married, divorced, remarried, had a child, or your net worth changed considerably, it is wise to sit down with your estate planning lawyer to review your current estate plan and make any necessary updates.

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