It’s National Estate Planning Week—Have you done yours?

By: Brad Cook | October 19, 2020

This is National Estate Planning Week!  That should be a reminder to everyone that estate planning is essential for all individuals and families—this week and every week.

Especially in this time of Covid-19, and the constant reminders of the fragility of life, everyone should take time to get around to getting estate planning done.  Among the issues solved by doing it are:

  • Naming guardians for minor children in the event of the death of both parents—and not leaving it to the discretion of a court.
  • Making sure assets go to the intended recipients.
  • Taking care of family members in the event of a premature death of the primary income producer.
  • Creating a trust to take care of assets to assure the education of children and distribution only when they are mature enough to handle the assets themselves.
  • Naming agents to perform business actions and make healthcare decisions for those unable to do so themselves.
  • Naming those you want to act as fiduciaries: estate executors, trustees, guardians, agents under powers of attorney.
  • Dealing with the effect of taxes in the event of death.
  • Avoiding probate in multiple states for those owning property outside the state of residence.

These and other matters are resolved with a carefully planned estate.  Have you done it? If not, this is the time.