10 Oct National Estate Planning Awareness Week
National Estate Planning Awareness Week (NEPAW), founded by the National Association of Estate Planners & Councils in 2008, is set to take place from October 16-22, 2023. This weeklong event aims to educate the public about the significance of estate planning and the urgency of creating wills and estate plans.
Despite the critical role that estate planning plays in safeguarding one’s legacy and providing for loved ones, nearly 67% of Americans still do not have an up-to-date will. NEPAW serves as a reminder that taking action on estate planning is essential for individuals and their families.
Estate planning is the process of leaving comprehensive instructions for managing various aspects of life, including finances, healthcare decisions, and more. These plans govern asset management, future care preferences, and the charitable legacies individuals wish to leave behind.
Additionally, estate planning simplifies the probate process, appoints guardians for minors and pets, prevents conflicts over asset distribution among loved ones, and facilitates charitable contributions.
Key components of an effective estate plan include personal identification documents, last will and testament, revocable living trust, beneficiary designations, advance health care directives, financial power of attorney, deeds or titles, and funeral instructions and wishes.
Contrary to common misconceptions, estate planning is not limited to the wealthy. It is a crucial step for individuals from all financial backgrounds. As over $80 trillion is projected to pass from today’s older generations to their heirs in the next two decades, the importance of clear estate planning becomes evident.
To ensure a smooth and seamless estate planning process, individuals embarking on this journey should consider the following:
1. Professional Assistance: Seek guidance from a licensed estate planning attorney for complex estates or unique family dynamics to ensure all aspects are adequately addressed.
2. Online Resources: Utilize user-friendly templates on free planning websites for straightforward estate plans. Create a free will online by visiting www.GiveToGrant.org/FreeWill.
3. Share Your Plan: Distribute copies of your estate plan to relevant parties, including your attorney, beneficiaries, and executors.
4. Regular Updates: Periodically update your estate plan to reflect changing circumstances and wishes accurately.
The Community Foundation of Grant County encourages individuals to take action during NEPAW. They offer the FreeWill tool to simplify the estate planning process, making it convenient to include charitable contributions for the betterment of Grant County.
When including the Community Foundation in estate plans, individuals ensure their charitable goals are met. To get started or if choosing to include the Community Foundation in a will or trust, please contact us at 765-662-0065. Join the Grant County Pie Society, a community-wide giving society, and become a part of a cohort of generous donors who pledge to leave a portion of their accumulated wealth – or a piece of their pie – to charity.
Create your free will online by visiting www.GiveToGrant.org/FreeWill.
About the Community Foundation of Grant County, Indiana, Inc: The Community Foundation of Grant County, Indiana, Inc., is a passionate advocate for local philanthropy and is dedicated to improving the lives of people in the Grant County area. Since 1984, the Foundation has effectively managed the community’s charitable resources, working with donors to establish charitable funds and supporting nonprofit organizations through various grantmaking efforts. The Community Foundation connects people, resources, and causes to promote sustainable impact for the betterment of Grant County. Currently, the Community Foundation manages over 400 charitable funds that support a variety of charities and charitable causes in Grant County. For more information, please visit www.GiveToGrant.org or call 765-662-0065.