Estate planning is a crucial activity for people of all ages and all levels of wealth. When done properly, it can safeguard more than an individual’s finances, it can create a legacy. However, it is estimated that 67% of Americans do not have an up-to-date estate plan.*
Estate planning aims both to allow individuals to pass their assets to beneficiaries as they see fit, and to minimize the state and federal taxes that accompany the transfer of significant wealth. Additionally, estate planning can enable individuals to decide which people and charitable organizations will receive their wealth at their death. The lack of estate planning may cause an individual’s assets to be distributed to unintended parties by default. Careful planning can also prevent family members or other beneficiaries from being subjected to complex legal and administrative processes requiring significant expenditure of time.
The National Estate Planning Awareness Week, which runs from October 16th – 22nd, is an awareness week founded by the National Association of Estate Planners & Councils in 2008 with the goal of helping people understand the importance of having a plan in place to protect their assets and loved ones. Our Estates & Trust group can help ensure that your estate planning documents are correct and up to date!
For more information, contact Joshua B. Beisker at jbeisker@underbergkessler.com or 585-258-2879.
*2022 Caring.com survey