By Jeffrey R. Wolfe, Senior Vice President and Manager, Wealth Planning Strategies
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October 20-24 once again brings about Estate Planning Awareness Week, a creation of the National Association of Estate Planners and Councils to help people understand what estate planning means, and how estate planning is an essential element of a comprehensive financial plan. To help share this important message, we will share several blogs this week to address common planning concerns. For example, while Estate Planning Awareness Week has been around since 2008, many Americans still do not have an estate plan.
In a recent survey by TrustandWill.com, 83% of Americans recognize the importance of estate planning, but only 31% state they have a will.[1] While 31% of Americans having an estate plan is a disturbing number, clearly most recognize the importance of estate planning and the need for a plan. So, what’s the problem?
A common misconception is that estate planning is only for the rich. A survey by D.A. Davidson & Co., cited by Michael S. Fisher[2], found that only 37% of those surveyed believed they had enough money to warrant a plan. This is a common mistake. Regardless of net worth, most people have an idea of how they would like their assets distributed in the event of a death or who they would prefer to make decisions for them in the event of incapacity. This desire for control is the true purpose for estate planning, not wealth.
Accordingly, consider at least a basic estate plan. For example, a will can lay out who you want to wrap up your affairs after you pass away, where you would like your assets to pass. Perhaps the most important aspect of a will is that it’s the only place to name a guardian for your dependents. You could consider a revocable trust to avoid probate, which can still provide for your incapacity and control how your assets pass at your death. Additionally, health care powers of attorney and living wills can direct how you want your health care decisions to be made should you be unable to manage your care.
Planning for your own demise, or your possible incapacity, isn’t the most exciting topic. However, not having a plan can leave far more angst for your loved ones. As the saying goes, failing to plan means you’re planning to fail. Take the initiative to create and/or update your estate plan so your intentions are known and can be followed. You and your family will appreciate the comfort of a proper plan. Ask your financial advisor how to help you get started.
IMPORTANT DISCLOSURES: The information provided is based on internal and external sources that are considered reliable; however, the accuracy of this information is not guaranteed. This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards & Co. is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional.
[1] trustandwill.com/learn/estate-planning-report-2025
[2] Fischer, Michael S., Two-Thirds of Americans Don’t Have an Estate Plan: Survey, thinkadvisor.com