Estate Planning Awareness Week
This week is National Estate Planning Awareness Week, a time when we are encouraged to plan ahead and protect our loved ones by creating an estate plan.
Did you know that 67% of Americans still don't have an up-to-date will? National Estate Planning Awareness Week was founded by the National Association of Estate Planners & Councils in 2008. It's meant to help people understand what estate planning is and why it's so important. Having a well thought out estate plan is a gift to your heirs and beneficiaries. It helps protect your assets and ensures they will be distributed according to your wishes, which can help prevent uncertainty and family strife during difficult times of loss. Having an estate plan can help to avoid probate, reduce estate taxes, and protect your beneficiaries including minor children.
In addition to protecting those you love, I want to share one powerful way you can support Family Services of NW PA in your estate plans that will cost you nothing during your lifetime - making a gift in your will. It's an important way to secure the work of our organization for years to come, and allows you to create a legacy with a cause that is close to your heart - family. With a planned gift to Family Services of NW PA's Legacy Foundation, you can express your commitment to family life and make a lasting contribution toward strengthening the families of the future.
To learn more about the Family Services Legacy Foundation, visit www.FSNWPA.org/legacy. If you have questions or are looking to connect deeper with Family Services of NW PA, please contact:
Danielle Szklenski
Vice President of Development
Phone: 814-866-4539
Email: danielles@fsnwpa.org
5 Estate Planning Myths
Source: Quinn Law Firm
Myth 1: Creating an estate plan requires wealth
Truth: A common misconception is that estate planning is only for the wealthy. However, anyone with assets of any value can create an estate plan.
Myth 2: You must be "old" to create an estate plan
Truth: Many people put off creating an estate plan until later in life. However, it is better to do it much sooner. You can legally make one as soon as you turn 18.
Myth 3: You can just do it online
Truth: Online templates are available, however, these might not comply with state-specific laws or meet all your needs. It is better to get help to ensure your plan functions as needed.
Myth 4: An executor only handles asset distribution
Truth: Although distributing assets is an executor's primary responsibility, there is a lot more to the role than that. They may also be obligated to handle your mortgage and taxes.
Myth 5: It's best to make estate plans in secrecy
Truth: While you may choose to keep your plan secret, it is often better to share some details with those close to you. This can help avoid confusion or problems later.
To learn more, contact your estate planning attorney. If you don't have an attorney, Melissa Larese of the Quinn Law Firm is available for consultation at 814-806-2518.
