Do you have an estate plan?
If you don’t, you’re not alone. An estimated 56% of Americans don’t have an estate plan, according to the National Association of Estate Planners & Councils.
That’s why Estate Planning Awareness Week, held October 18 to 24 this year, is a way to call attention to this important but often forgotten task.
Here’s some basic information about estate planning to get you started. Consider using Estate Planning Awareness Week to start your own estate planning if you haven’t already.
Why Is Estate Planning Important?
What will happen to you and your assets if you die? If you don’t have your wishes in writing, then there’s a good chance that the government or court system will decide what happens to you and your belongings. You don’t need to be rich to benefit from estate planning. Even if you have just a few basics—a car and a house—it still is important to make your wishes known for what will happen to your things.
Who Typically Helps With Estate Planning?
There are several professionals who regularly work with estate planning. They include:
- An accountant/CPA
- Banker
- Estate planning attorney
- Financial planner
- Life insurance advisor
Also, once a person has died, there are companies, including Secure Aging, that can help with estate management.
If you don’t have this team of professionals ready to help you out, it’s OK. You can start with one trusted professional, such as an estate-planning attorney, to establish some basics and branch out from there if needed.
What Documents Are Part of Estate Planning?
The documents that are part of estate planning include a:
- Will
- Revocable living trust
- Power of attorney
- Living wills/health care directives
Can I Do Estate Planning on My Own?
If you have very modest assets, then doing your own estate planning may be OK. There are legal forms online that offer you ways to complete wills and other important documents at a much lower cost compared with using professionals.
However, it’s easy to make a mistake on these types of documents without the right training. Those mistakes could cost your loved ones in the long run. Consider the pros and cons of “DIY estate planning” before moving forward, the American Bar Association advises.
Call Secure Aging to Find Out How We Can Help Seniors With Estate Management
At Secure Aging in Bradenton, we transform the weight of the world into a sigh of relief for our senior clients and their concerned family members. The mission of Secure Aging is to protect and preserve our client’s independence and dignity through careful and thoughtful financial and care management. As our clients age, it is their desire to remain independent and age with dignity. Our services protect our clients from talented con artists looking to exploit and deplete the financial resources of our vulnerable seniors. Secure Aging helps families in Manatee County and Sarasota County and in and around the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Myakka City, Palmetto, Parrish, and Sarasota. Call us at 941-761-9338, or visit us online at www.secureaging.com.
