Why is National Estate Planning Awareness Month Important?

October is National Estate Planning Awareness Month. Having an estate plan ensures that your wishes for your estate are carried out when you pass away or if you become unable to make decisions for yourself. 

When it comes to estate planning, it’s not uncommon for people to think that:

• They are too young to do estate planning.
• Estate planning is only for the super-wealthy.
• Estate planning is too complicated and expensive.
• All of their property is titled in joint tenancy with their spouse, so they don't need a will.
• Since they created their will right after they got married there is no need for further planning.

The Benefits of an Estate Plan

Having a solid business succession and estate plan in place can help when it comes to:

• Ensuring your business assets are transferred to the people that you choose.
• Drafting a buy-sell agreement.
• Helping to minimize income, gift, and estate taxes.
• Specifying when assets and digital assets should be received.
• Authorizing a trusted person to manage your financial matters if you can no longer do so.
• Appointing a health care agent to make medical decisions if you can no longer do so.
• Preventing unnecessary burdens on those you care about.
• Helping to avoid legal disputes.

While creating or updating an estate plan can seem overwhelming, it doesn’t have to be. An attorney who specializes in estate and business succession can discuss a wide range of planning options and help you develop a plan that best fits your needs. Talk to your Federated® marketing representative for a referral to a member of Federated’s network of independent attorneys to learn more.

This content may be accessed in the following additional options:

• National Estate Planning Awareness Month JPG »
• National Estate Planning Awareness Month PDF »

This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.