October 20-26, 2014 is National Estate Planning Awareness Week. In 2008, the National Association of Estate Planners and Councils (NAEPC) worked with Congress to pass a resolution proclaiming the third week in October as National Estate Planning Awareness Week. The resolution noted that “Many Americans are unaware that lack of estate planning and financial illiteracy may cause their assets to be disposed of to unintended parties by default through the complex process of probate.”
Estate planning is important to spare the family members and heirs of a decedent the chaos and conflict that often occurs after their death. Common goals of estate planning are:
- Direction for Asset Distribution
- Farm or Business Continuation
- Reduce or Eliminate Death Taxes
- Provide for the Unexpected Illness or Disability
- Reduce Stress on Family
- Protect Children from Themselves and from Creditors
- Provide for Charities
Estate planning is one of the most overlooked areas of personal financial management. Statistics show that 55% of Americans do not have proper estate plans to protect themselves and their families in the event of sickness, accidents, or untimely death. This lack of planning costs many families wasted dollars and unnecessary hardship that can be minimized with proper planning. The attorneys at Batson Nolan PLC can assist in making the estate planning process simple and understandable so that our clients and their families can avoid the stress and expenses that occur without proper planning.
