National Estate Planning Awareness Week is observed from October 21st-27th 2024. It’s an annual reminder that everyone – regardless of age or financial status – should have a plan for the future.

A solid plan allows you to protect your assets, provide for your loved ones, and create a legacy. Estate planning is about more than just safeguarding your assets; it’s about ensuring your loved ones are taken care of and that your legacy reflects your values and wishes.

Estate planning is for everyone, even college kids who have just turned 18. If you have college age kids who have started college this year, talk to them about making a plan that includes an advanced medical directive that allows you to make medical decisions for your child should they become incapacitated. They may also need financial power of attorney, and a Financial Educational Rights and Privacy Act (FERPA) waiver.

A comprehensive estate plan, which includes a Will, allows you to designate beneficiaries, assign guardianship for minor children, and make key decisions about your health and finances should the unexpected happen. Without a clear plan in place, your loved ones may face unnecessary legal hurdles and stress during an already challenging time. Many people utilize trusts as part of their estate planning strategy to protect a business, family inheritance or a home and to avoid the hassle of probate.

Once you have made your estate plan, equally important is regularly reviewing and updating your estate plan as life circumstances change—whether due to marriage, the birth of a child, or changes in financial situations. When you regularly review your estate plan you can be sure that it reflects your intentions and protects those who matter most to you. Take this week as an opportunity to review your estate plan or start one if you haven’t already. Please contact Rob Arone or Julia Abbott.