October 21 through 27 is National Estate Planning Awareness Week!
More than half of Americans, a staggering 58% according to Caring.com, do not have an estate plan in place, making estate planning a critically overlooked component of financial wellness. This can create hardships, financial or otherwise, that can be diminished by advanced planning.
National Estate Planning Awareness Week was adopted on September 27, 2008 to help consumers understand estate planning and its needs, along with how best to create a qualified team of professionals to assist in the planning process.
“It is heart breaking when the equity a person has built in their home is lost because they do not have a Will. Foreclosure can easily become the reality because the individual’s heirs cannot settle their estate. As a result, the deceased’s children and/or heirs do not benefit from the inheritance that their loved one worked so hard to obtain.” says INHS director of lending, Delia Yarrow.
Estate planning encompasses the growth, conservation, and transfer of an individual’s wealth through the creation and maintenance of an “estate plan.” The purpose of estate planning is to develop a strategy that will maintain the financial security of individuals throughout their lifetime and ensure the intended transfer of their property and assets after their lifetime, while taking into consideration the unique circumstances of the family.
INHS supports new homeowners in preparing their estate plans by hosting an annual post-purchase workshop on Wills and Estates. The next Wills and Estates class will be held on Tuesday, January 21st. Registration will open soon online at www.ithacanhs.org/events.
Additionally, INHS invites its donors, supporters, and clients to download our free Guide to Preparing Your Will from our website to get started with estate planning and to learn more about leaving charitable gifts through your estate plans to organizations and causes you believe. Download the guide at www.ithacanhs.org/legacy.
Additional resources, including a list of qualified estate planning professionals and advisors, can be found through the Estate Planning Council of Tompkins County at www.estateplanningcouncil.org and through Cornell Law School’s Estate Planning Practicum by e-mailing firstname.lastname@example.org.