More than half of Americans, an estimated 56 percent, do not have an estate plan in place, making estate planning a critically overlooked component of financial wellness. This oversight creates hardship, financial or otherwise, that can be diminished by professional advanced planning.
National Estate Planning Awareness Week was adopted on Sept. 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.
“Awareness is key;” said Marcus Seiter, Esq., a professional estate planning attorney from Mesa. “Too often we see the difficulty and heartache of loved ones that could have been avoided if someone had just taken the time to formulate a plan.”
Estate planning encompasses the growth, conservation and transfer of an individual’s wealth (in Arizona any assets exceeding $75,000, including homes, cars and other property and accounts) through the creation and regular 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. The plan also takes into consideration the unique circumstances of the family and the potential costs of different methods of transferring wealth and distributing assets.
A properly-created team of professionals includes an estate planning attorney, accountant, and a credentialed insurance and financial planner, all working together for the benefit of their client.
Waiting until the untimely passing of a loved one is generally one of the biggest financial mistakes Americans make. To be fully prepared, while alleviating stress during an already difficult time, Seiter recommends having a will, trust, power of attorney, and real estate deeds in place sooner rather than later.
“There’s no better time to get started than during National Estate Planning Awareness Week,” Seiter said.
For more information about estate planning services, visit www.seiterlawpllc.com/.
– Marcus Seiter has a home with six kids and a wife in Mesa.