Caution: Writing Your Own Deed to Avoid Probate Can Lead to Unintended Consequences
In 2008 the National Association of Estate Planners & Councils (NAEPC), in conjunction with Rep. Mike Thompson (D-CA) and 49 of his colleagues, helped pass a law which declared the third week in October “National Estate Planning Awareness Week.” This year National Estate Planning Awareness Week falls on October 19 through 25.
What is the Purpose of National Estate Planning Awareness Week?
Americans face many challenges with regard to saving, investing, and planning for their financial futures. For example:
- The majority of Americans over age 65 are totally dependent on their Social Security checks. With proper knowledge and planning, future generations can have a more secure retirement. An estate planning attorney and financial advisor can work with you to develop a plan to achieving a secure retirement.
- An estimated 56% of Americans do not have an estate plan, making estate planning one of the most overlooked areas of personal financial management. Don’t wait until a crisis happens – planning now can minimize fees and avoid potentially costly probate or guardianship court proceedings. A well-designed estate plan can also protect you in the event of sickness or disability by giving your family (or another trusted person) the authority to manage your bills and investments. You can also use your plan to protect special needs children, provide for your long-term care needs, and minimize income taxes on the distribution of retirement assets.
- Many mistakenly believe that since they are not “rich” they do not need a financial plan or an estate plan. This attitude is harmful in the long-run and can be avoided by working with a proactive estate planning attorney and financial advisor.
With these issues in mind, National Estate Planning Awareness Week was created to help Americans understand what estate planning is, why they need to do it, and how they can assemble a qualified team of professionals to assist in this important process.
Take advantage of this year’s National Estate Planning Awareness Week by discussing your estate planning needs with an experienced estate planning attorney. For more information, or to take action now, please call us at (501) 221-7776.
Patrick Murphy
L.L.M., Southern Methodist University – Dedman School of Law
J.D., University of Arkansas – School of Law
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