Did you know than more than half of Americans, an estimated 56%, do not have an estate plan in place, making estate planning a critically overlooked component of financial wellness? This creates hardship, financial or otherwise, that can be diminished by advanced planning.

National Estate Planning Awareness Week was originally adopted on September 27, 2008, to help consumers understand estate planning and its need, along with how best to create a qualified team of professionals to assist in the planning process.

Estate planning encompasses the growth, conservation, and transfer of an individual’s wealth through the creation and maintenance of an “estate plan.” The purpose of estate planning is to develop a strategy that will maintain the financial security of individuals through their lifetime and ensure the intended transfer of their property and assets at death, while taking into consideration the unique circumstances of the family and the potential costs of different methods.

A thoughtfully created team of professionals may include an accountant, attorney, life care management, financial advisor, financial analyst, financial planner, fraud examiner, investment advisor, life underwriters, philanthropic charitable advisors, and trust officer, all working collaboratively for the benefit of their client. The National Association of Estate Planners & Councils’ Your Guide to Collaborative Estate Planning provides an overview of this process.

At GiveWell Community Foundation, we are honored to work with dedicated estate planning professionals who are committed to helping clients protect their assets and ensure their philanthropic goals are met.

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.  

Callie Neslund
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