A topic that often gets ignored in conversations within families but has long-term financial and emotional implications is estate planning. Estate planning is not merely for the affluent; households across all income strata can benefit from the clarity it provides, especially in avoiding a potential mess for the survivors to clean.
In order to raise awareness about the importance of estate planning, the U.S. Congress designated a week for this purpose back in 2008. Known as the National Estate Planning Awareness Week, it serves as a reminder for everybody, regardless of wealth status or age, to take a proactive role in managing their assets post-mortem.
According to a report by Warner Norcross + Judd, estate planning goes beyond just having a documented plan. It includes ensuring that each member of the family has completely chalked out their estate plans. Even more importantly, each family member should be educated about and understand each others’ estate plans. This helps prevent complications and misunderstandings when the time comes to execute the estates.
So, in light of the upcoming National Estate Planning Awareness Week, it might be a good time to revisit your own estate planning documents, or if you haven’t made one, perhaps initiate those conversations within your family. The benefits of having these difficult discussions now far outweigh the potential difficulties faced by surviving loved ones in case of unpreparedness.