October is National Estate Planning Month: Why It Matters More Than You Think
by Dennison Keller
October is best known for Halloween. But to me, the scariest thing about the month is how many people head into the fall and winter months without a well-thought-out estate plan. Perhaps that’s why, in addition to Halloween, October also marks National Estate Planning Month.
Whether you’re in your 30s or your 70s, estate planning is one of the most important steps you can take to protect your loved ones, preserve your legacy, and ensure your wishes are honored when you’re no longer here to voice them.
What Is Estate Planning?
Estate planning is more than just writing a will. It’s a comprehensive strategy that outlines how your assets, responsibilities, and healthcare decisions should be managed in the event of your incapacity or death. A solid estate plan can include:
- A Last Will and Testament
- Powers of Attorney (for both finances and healthcare)
- A Living Will
- Revocable or Irrevocable Trusts
- Beneficiary Designations
- Guardianship Designations for Minor Children
Why Estate Planning Matters
Despite its importance, surveys consistently show that more than half of Americans don’t have a will, let alone a comprehensive estate plan. Here’s why you should care:
- Protect Your Loved Ones: Without a will or trust, your estate will be distributed according to state law—which may not align with your wishes.
- Avoid Probate Delays: A well-structured plan can help your family avoid the time-consuming and often expensive probate process.
- Plan for Incapacity: Estate planning isn’t just about death—it’s about ensuring someone you trust can make decisions on your behalf if you’re ever unable to.
- Leave a Legacy: Whether you want to support a cause, pass down family traditions, or ensure generational wealth, estate planning is the vehicle to do so intentionally.
It’s Not Just for the Wealthy
One of the biggest misconceptions about estate planning is that it’s only for the wealthy. In reality, anyone with any sort of assets needs an estate plan. Even something as simple as designating a financial power of attorney agent to pay your bills or a healthcare proxy to make medical decisions for you during incapacity is an act of estate planning. I had my own sons sign these documents when they went off to college. They each had small checking accounts, and SOMEONE would need access to those funds if something happened to them.
How to Get Started
This National Estate Planning Month, take the first step:
- Take Inventory: List your assets, debts, and key personal information.
- Define Your Goals: Think about whom you want to benefit and how.
- Consult Our Office (or another professional). An elder law attorney can review your situation and help tailor a plan that fits your needs.
- Communicate: Make sure your family or chosen representatives know your wishes and where to find your documents.
Final Thoughts
Estate planning isn’t about preparing for death—it’s about living with peace of mind, knowing that your family and legacy are protected. Use National Estate Planning Month as a catalyst to either start your estate plan or review and update the one you already have.
After all, the best time to plan for the future is before you need to do so.
