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National Estate Planning Awareness Week always occurs on the third week of October. In recognition of this week, this blog covers what you should be aware of as you navigate through your estate planning processes. So, without further ado, please read on to discover the information you should learn during National Estate Planning Awareness Week and how a seasoned Broward County estate lawyer at The Probate Lawyers can help you through this learning curve.

Is National Estate Planning Awareness Week the best time to start my estate plan?

Whether it is National Estate Planning Awareness Week or not, there is no better time to start working on your estate plan than right now. This is because nobody truly knows when their last day is. What’s more, there may come a day when you sadly become mentally incapacitated and therefore no longer qualified to establish your estate plan.

This is all to say that putting in the hard work now may set your loved ones up nicely for the future. That is, your loved ones may already be emotionally reeling upon hearing the news of your unfortunate passing. So the last thing you may wish is for them to struggle with handling your estate during this already difficult time. Though this is not a pretty picture to paint, not being around to manage your assets or support your loved ones is a reality that you must address head-on, via an estate plan.

What information should I learn during National Estate Planning Awareness Week?

It is common for individuals to be hesitant in making an estate plan for themselves because they misunderstand its purpose or functionality. So, in honor of National Estate Planning Awareness Week, we will address the common misconceptions regarding estate planning. Hopefully, by relinquishing these misinterpretations from your mindset, you may feel more inclined to kickstart your estate planning processes. They read as follows:

  • It is a common misconception that estate planning is exclusively designated for high-net-worth individuals.
    • Rather, an estate plan may even help manage sentimental assets with little economic value.
  • It is a common misconception that estate planning is an expensive process that is unaffordable for many individuals.
    • Rather, our firm may offer estate planning services at a reasonable cost for many.
  • It is a common misconception that a surviving spouse inherits all assets, making estate planning an unnecessary task.
    • Rather, a spouse may only have a right to survivorship for co-owned, marital assets.
  • It is a common misconception that estate planning documents cannot be modified, so they should only be established by older people.
    • Rather, an individual may modify or revoke these documents at a later date, as they see fit.

If you still have doubts about how to proceed, please consult a competent Broward County estate lawyer. Our team at The Probate Lawyers will point you in the right direction.