National Estate Planning Awareness Week

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This week (October 21-27, 2024) is National Estate Planning Awareness Week. Congress passed a resolution in 2008 for this to occur during the third week of October each year as it is estimated that over 120 million Americans do not have up-to-date estate plans to protect themselves and loved ones if they become ill or pass away. If you do not yet have an estate plan in place or if your estate plan is not currently up-to-date, now is the time to begin that process or to revisit your estate planning documents.

You will want to update your plan if your net worth has changed significantly since you created the plan or if you have had any of the following life changes occur:

  1. Marriage, divorce, or remarriage. You’ll want to make sure an ex-spouse will not unintentionally inherit your property.
  2. Birth or adoption of a child or grandchild. Make sure you have chosen guardians for your children or that you still want the same guardian to be named.
  3. Your child has reached the age of majority. Make sure your adult child has signed a power of attorney and HIPAA notice if you are both in agreement for you to have access to their medical information.
  4. A child, grandchild, spouse, or partner has become a person with special needs. You will want to make sure you are not unintentionally disqualifying a grandchild from Medicaid by leaving them an inheritance directly.
  5. You are part of an unmarried committed couple. You can create a will or trust to ensure your partner will receive part of your estate according to your wishes.

You will also want to consider any changes to your state’s laws affecting estate planning as well as changes to the federal estate tax law that has taken place in the last several years. Your old plan may no longer work as you had expected when you first created the plan.

If you have yet to create an estate plan, have had any life changes take place, or if multiple law changes have passed since you last updated your estate plan, this is a great week to focus on creating or updating these documents. For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708-482-7090.

https://www.dentons.com/en/insights/alerts/2024/october/21/national-estate-planning-awareness-week?fbclid=IwZXh0bgNhZW0CMTEAAR0MHajBU0Tw6OGrdllv8AqL5S3ZT5krcEo71J3MgRMt15RIb66HfgfCZSQ_aem_INPPJG8QJ-003klEkWpizw