Estate Planning Attorneys Morgan and DiSalvo, P.C., encourage all adults to protect themselves, their assets and their loved ones through estate planning. National Estate Planning Awareness Week, the third week in October annually, is an ideal time to revisit your estate plan or make an appointment to create one. This year’s National Estate Planning Awareness Week is October 20-26.
Estate planning offers control over what happens if one becomes incapacitated or passes away. It is an often-ignored component of financial wellness. Estate planning is important for everyone, not just the wealthy, yet the National Association of Estate Planners and Councils estimates that more than 120 million Americans do not have an up-to-date estate plan.
While it is essential to have an estate plan in place, it is equally vital to keep the plan updated. Having a Will, Power of Attorney, Advance Directive for Health Care or other estate planning document in place doesn’t mean you never have to think about them again. They are living documents and may require occasional revisions.
“Estate plans and the documents required to carry them out should be updated periodically to ensure that they continue to reflect your desires, changes in your situation, and the applicable laws,” said Loraine DiSalvo, partner with Morgan and DiSalvo, P.C.
Additionally, changes in State and Federal laws may necessitate revisions to your plan. An estate planning attorney will help determine if you are impacted by new legislation regarding estate taxes, trusts, and probate laws that have been passed since you drafted your documents.
“Estate planning done correctly and reviewed regularly by a professional, can provide you and your loved ones with many benefits and, most importantly, peace of mind,” said DiSalvo. “Let National Estate Planning Awareness Week serve as your reminder to review and update your estate plan to ensure that it effectively reflects changes in your life and the lives of your intended beneficiaries.”