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Estate Planning Awareness Month 2020

It is safe to say that COVID-19 has thrown the world as we know it for a loop. With the rising number of COVID-19 cases, one cannot help but think about what would happen to their loved ones if something were to happen to them. It has also forced us to have conversations we did not think we would have. One of which being life insurance and another being what today’s post is about: Estate Planning.

The American Bar Association defines estate planning as “a process by which an individual designs a strategy and executes a will, trust agreement, or other documents to provide for the administration of his or her assets upon his or her incapacity or death.” It sounds daunting, dreary and scary, but in these unprecedented times, it never hurts to be mindful of the future. Frontierwealth.com offers a great snapshot of what to consider and look out for when doing basic estate planning.

Estate planning is beneficial for everyone. A common misconception is that estate planning is for older people who have more assets and the wealthy. Not the case. One does not need to have an abundance of assets to put together an estate plan. However, because of this, less than half of all Americans have explored the basics of creating a final will and testament. A failure to conduct basic estate planning can lead to serious problems, including significant costs and long delays in estate settlement, for your family and heirs after your death. At the end of the day, you want to avoid probate.

NAIFA-Texas stands with all industry professionals in ensuring the public is aware of all the ways to provide financial stability for one’s self and their loved ones. Governor Greg Abbott declared October to be Estate Planning Month in the state of Texas. Click here to view the proclamation!