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Did you know that next week is National Estate Planning Week? We may not exchange gifts, share a large family meal or decorate lamp posts, but here at Lions Pride, we think it’s still an important holiday worth celebrating. Let us tell you why!
You may be surprised to learn that estate planning is one of the most overlooked elements of personal financial wellness. An estimated 56 percent of Americans don’t have an updated estate plan. It’s not uncommon to hear these phrases associated with the practice:
“I’m too young for an estate plan.”
“Estate planning is only important for the ultra-rich.”
“My spouse and I created our wills when we first married (35 years ago,) so there’s no need for further planning.”
“Won’t my property just go to my spouse?”
“Estate planning is too complicated and expensive.”
The truth of the matter is estate planning is for everyone because it protects you, your family and your assets.
There are several advantages to estate planning, including:
- Saving you (and your loved ones) money in the future.
- Passing on your assets the way you want.
- Having the opportunity to support a cause or organization that you care about, even after your passing.
- Providing financial direction, if you are physically or mentally unable.
- Bestowing peace of mind to you and your family.
We understand that the idea of estate planning can be scary. Similar to life insurance, estate planning will seemingly bring up the shadow of the death. It may be difficult to hear, but postponing estate planning will not postpone death. One of the most significant reasons for an estate plan is to prepare for the unexpected.
Next week, National Estate Planning Week is the ideal time to plan for the future and ensure that your affairs are in order. If you do not currently have an estate planner, you can find an Accredited Estate Planner Designee by following this link. If you already have a plan in place, it may be an excellent time to review and make necessary adjustments. That might include naming Lions Pride or your favorite charity in your plans, living a lasting legacy.
Happy National Estate Planning Week!