Debunking Common Myths Regarding Wills During National Estate Planning Awareness Week
Having an up-to-date estate plan or will is one of the most significant avenues we have for providing for our families and the causes we care about after we’re gone. Yet, only about one-third of U.S. adults have a will, according to Legalzoom.
In 2008, National Estate Planning Awareness Week was adopted to help the public understand the importance of estate planning in our overall financial wellness. This week, October 16-22, is National Estate Planning Awareness Week.
If you’re one of the 67% of Americans without an up-to-date will, this week might be the perfect time to start thinking about your own plans and ways you can make a positive impact—for your loved ones and the charities you are passionate about.
A thoughtful estate plan can help:
- Protect your assets and your loved ones
- Ensure that your wishes are carried out after you pass away
- Minimize estate taxes
- Avoid probate disputes
Many common myths exist among those who don’t think they need a will:
Myth 1: I’m too young to do estate planning.
Reality: Although none of us likes to think about our own mortality, estate planning is for everyone, no matter your age. Life is unpredictable. If you are 18 or older, you should consider making a will to be sure that your final wishes are followed.
Myth 2: Estate planning is only for the super rich.
Reality: Estate planning is for everyone, regardless of wealth. Think about the assets you have—whether a house, car, savings or investments, furniture, etc. A will allows you to determine how these will be distributed.
Myth 3: We wrote our wills when we got married and see no need for further planning.
Reality: Regular review of your will is essential as your family and financial situations change. Especially after a major life event, it is important to update your estate plan.
If there is a cause or charity you care about, such as the UMRC-Porter Hills Foundation, your will is the perfect place for you to create that legacy that reflects your life’s work—your interests, values, and beliefs. A gift in your will or estate to the UMRC-Porter Hills Foundation:
- Costs you nothing today
- Makes a difference in the lives of older adults
- Still allows you to take care of your family
Be sure to consult with your legal advisor to ensure your wishes are followed. For more information about making a planned gift to the UMRC-Porter Hills Foundation, contact Dustie M. Wiggins, J.D., Director of Legacy Giving at DWiggins@UMRCPH.org or by phone at 616.737.6328.