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National Estate Planning Awareness Week is October 21-27, 2024. It’s an annual reminder that everyone – no matter your age or your assets – should have a plan for the future. A solid plan allows you to protect your assets, provide for your loved ones, and create a legacy. Whether you’re just beginning to think about your estate or looking to update an existing plan, this week is the perfect time to focus on mapping out your future.

What is an estate plan?

An estate plan is a vital component of financial wellness. It’ a collection of legal documents that specifies how your assets, healthcare decisions, and financial affairs will be handled after your lifetime or if you become incapacitated. Common components of an estate plan include:

• Will or Trust – outlines how your assets will be managed and distributed after your lifetime.
• Powers of Attorney – authorizes a trusted person to manage your financial or healthcare decisions if you’re unable to.
• Healthcare Directives – documents that express your wishes for medical care in the event that you cannot communicate them yourself.
• and more!

Having an estate plan is critical for ensuring that your personal and financial goals are met, avoiding lengthy legal processes, reducing tax liabilities, and providing clear guidance for your loved ones.