Did you know that January 13th is National Rubber Ducky Day? Or that April 11th is National Eight Track Tape Day? There’s no question that we have some odd “National Day/Week” celebrations, but some of those designations are actually meant to be beneficial.
For example, in September of 2008, Congress passed H. Res. 1499 after the efforts of Rep. Mike Thompson (D-CA) (with 49 other Representatives on board). The result was the establishment of the National Estate Planning Awareness Week, a time for professional Estate Planners to educate and help the public understand what estate planning is, why it is such a vital component of financial wellness, and how to assemble a qualified team of experts to assist in the process.
So, what was the big deal? Well, Congress acknowledged that, at the time, 120,000,000 Americans did not have up-to-date estate plans to protect themselves or their families. Careful planning can prevent family members or other beneficiaries from having to deal with complex legal and administrative processes which require significant amounts of time and money, as well as potentially preventing confusion or even animosity between family members or other beneficiaries upon the death of a loved one- although there are no guarantees on how others will react after the loss of a loved one.
This push to educate and make aware the importance of planning seems to have worked for a while. In 2017 almost half of Americans reported they had a Last Will & Testament or some other type of estate planning document according to the Caring.com Survey. However, a new alarming trend has developed- the prevalence of estate planning documents has decreased since 2017, with less than one-third of Americans claiming to have documents in place.
The Survey noted that when asked why they had put off estate planning, an increasing number of people were citing a lack of education or the cost of estate planning as their main reason. Additional reasons included the belief that they either didn’t have an estate or didn’t have enough assets to justify the process as well as they simply “hadn’t gotten around to it”.
Perhaps you share some of these hesitations or beliefs. Heck, perhaps you were polled for the Survey! Whatever your background, concerns, and thoughts are, there is a solution to ensure you and your loved ones are well prepared and protected. All this week Worley Elder Law will be sharing articles and insights to help you learn more and understand what exactly is meant when we say, “Estate Plan.” Be sure to check out our free resources and downloads page for even more goodies!
And as always, please give us a call at 941-448-1302 or email us at Info@WorleyElderLaw.com to schedule a free 45 minute consult to discuss your questions or concerns. We have packages and resources for all budgets, family types, asset value, and needs.
We look forward to sharing our experiences and thoughts over the next week and look forward to hearing from you soon!