October Celebrations: National Estate Planning Awareness Week
National estate planning awareness week (NEPAW) takes place annually in October to educate individuals and families on the importance of estate planing. This week-long event is an opportunity to highlight the importance of a comprehensive estate planning in ensuring financial stability and honoring a person’s wishes after death or incapacitation. The Indianapolis attorneys of Frank&Kraft encourage clients to focus on their estate plan during National Estate Planning Awareness Week.
The history of National Estate Planning Awareness Week
The NEPAW origins can be traced to the late 2000s, when Congress took action in order to raise awareness. In 2008, the House of Representatives adopted H. Res. 1499, which officially declared the third week in October as National Estate Planning Awareness Week. In the early 1990s, surveys showed that more than half of American adult citizens did not even have a basic Will and many others had no estate planning documents. The lack of preparation left many families vulnerable to financial hardships, legal challenges, or emotional strain in the event of a loved ones death or incapacity. The Benefits of a Comprehensive Estate Plan
Creating an estate plan is the most important step you can take to protect your assets and make sure that your wishes are carried through. NEPAW is a great time for those who haven’t created an estate plan to do so. NEPAW is a great time to update and review your estate plan if you already have one. Some of the key benefits of having a comprehensive and up-to-date estate plan include:
Honoring Your Wishes:
- Your estate plan can protect you and your wishes along with providing for loved ones. With a comprehensive estate plan in place you ensure that your wishes will be honored after you pass away as well as during a period of incapacitation.Asset Protection and Distribution:
- An estate plan allows you to designate how and to whom your assets will be distributed upon your death. In the absence of a plan, state laws governing intestate succession will determine who inherits your property and how it is divided. Strategic estate planning can also help reduce estate taxes, leaving more assets for your heirs. Additionally, strategic estate planning can help reduce estate taxes, leaving more of your assets for your heirs.Providing for Minor Children and Dependents:
- If you have minor children or dependents, your estate plan will ensure they are cared for if something happens to you. You can designate a guardian for your children and set up Trusts to manage their inheritance until they reach adulthood.Healthcare and Financial Decisions:
- A comprehensive estate plan includes appointing someone to manage your financial and healthcare decisions if you become incapacitated. Having a Power of Attorney and healthcare directive in place ensures that your preferences are honored even if you cannot communicate them yourself.Avoiding Family Disputes:
- Estate planning can help prevent disputes among family members by outlining your wishes in detail. This clarity can reduce the likelihood of conflicts or legal challenges after your passing, ultimately preserving family relationships and preventing costly litigation.Can We Help You Create or Update Your Plan during National Estate Planning Awareness Week?
- For more information, please join us for an upcoming FREE seminar. Call Frank & Kraft
or
(317) 684-500 for an appointment with an experienced Indianapolis estate planner. Read More! Latest Posts by Paul A. Kraft Estate Planning Attorney (see all)
