October is recognized as Estate Planning Awareness Month. It serves as a reminder that it’s time to evaluate your estate plan or create one if you are unprepared. This observance is an opportunity to ensure that you have the proper arrangements in place to preserve your legacy.
Procrastination Is Common
Many people put off estate planning, thinking it’s something they can handle later in life. In actuality, this is a big mistake.
Estate planning is not just for the elderly or wealthy. Anyone with assets or family members to protect should have a plan in place. Without an estate plan, your loved ones could face legal and financial difficulties after your passing.
Estate planning is about controlling who inherits your assets and ensuring your wishes are carried out. Without a will or trust, the probate court will decide who gets what. This process is lengthy, costly, and public, so it can be stressful for your heirs.
Protecting Your Family’s Future
Estate Planning Awareness Month offers the perfect opportunity to protect your family’s future. Life is unpredictable, and planning for the unexpected provides peace of mind.
By creating a plan, you control how your estate is managed and distributed. If you have minor children, an estate plan can also include guardianship arrangements, ensuring they are cared for according to your wishes. Your family’s future shouldn’t be left to chance.
Addressing Healthcare and Incapacity Planning
In addition to a will or trust, your estate plan should include incapacity planning documents. These documents allow you to designate someone to make medical and financial decisions on your behalf if you are unable to do so.
A living will outlines your preferences for life-sustaining treatment, while a healthcare proxy appoints someone to make other medical decisions. A durable power of attorney for property allows your agent to manage your finances if you are incapacitated.
It’s easy to overlook incapacity planning, but it’s a key component of any comprehensive estate plan. Estate Planning Awareness Month is the ideal time to review your current documents or prepare new ones to ensure they reflect your current wishes.
Reviewing and Updating Your Estate Plan
Even if you already have an estate plan in place, it’s important to review it regularly. Estate Planning Awareness Month is the ideal reminder to assess your plan and make necessary updates.
Life changes, such as marriage, divorce, or the birth of a child, often require adjustments to your estate plan. You should also review your beneficiaries and ensure your plan is up to date with current laws.
Changes in tax laws can have significant impacts on your estate plan. For example, the estate tax exclusion amount is set to revert to a lower level in 2026. If you have a sizable estate, this could affect how much your heirs receive. Reviewing your plan now can help you stay ahead of these changes.
Action Is Required
Estate Planning Awareness Month is about more than just awareness – it’s about taking action. Whether you’re creating a new plan or updating an existing one, now is the time to ensure your estate plan aligns with your current circumstances and future goals.
Don’t let the opportunity pass by. Protect your assets, your family, and your future by taking action this October.
Schedule a Consultation Today!
Our doors are open if you would like to work with a Glastonbury or Westport, CT estate planning lawyer to put a plan in place or review your existing plan. You can call us at 860-548-1000 to set up a consultation, and you can alternately send us a message through our contact page.
