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National Estate Planning Week takes place October 19 – 25. So, in this month’s column, we’re raising awareness about the importance of having an estate plan. It’s especially important for those working in a high-risk profession—such as law enforcement—to have a formal, documented plan in place. But everyone should have an estate plan that protects themselves and their loved ones.

WHAT’S AN ESTATE PLAN?

Your estate plan consists of legal documents—such as a will, trust, healthcare proxies, and power of attorney—that dictate how your personal care and assets should be managed should you become incapacitated or pass away.

WHY DO YOU NEED AN ESTATE PLAN?

1. An estate plan provides emotional relief at a time when grieving loved ones need it most. Without a plan, grief may be compounded by confusion, and bitter, expensive, legal battles. Your plan can help minimize stress and rifts created by survivors trying to agree on what you wanted.
2. The absence of a plan also requires your estate to go through probate. This means a court that’s unfamiliar with you and your family will decide how your assets are distributed. Probate is notoriously slow, public, and expensive. Assets can be frozen for months or even years, while fees and legal costs eat away at inheritance. With estate plan tools such as a living trust, you bypass the probate process. Loved ones receive immediate access to your assets in accordance with your wishes.
3. If you have minor children, an estate plan is critical. You can designate a guardian to raise your children if you and your partner pass away and determine how and when your children receive your inheritance so that, for example, they don’t inherit a large sum of money before they’re mature enough to manage it responsibly. Without a plan, you’re potentially leaving these crucial decisions in the hands of a judge who is completely unfamiliar with your wishes, values, and family dynamics.

Estate Planning Myths Debunked

Many people procrastinate when it comes to estate planning, because they think they are too young to need it, they don’t believe they have anything valuable, they’re intimidated because they don’t know what the process entails, or they think it’s too time consuming, complicated, and expensive.

The reality is that estate planning isn’t entirely about money – it’s about what matters to you. Plus, your assets may be worth much more than you think. You may be young and healthy, but you cannot predict when it’s your time. It’s never too early to start planning, and you are not locked into anything; your plan can always be amended as life changes occur. With LAPFCU’s Trust & Will program, in October wills start at $139 and trusts start at just $349 with a 30% LAPFCU member discount! You’ll easily follow steps to create your plan online in as little as 30 minutes with expert guidance just a click or call away, if you need it.

So don’t wait! National Estate Planning Week is the perfect time to create your plan and get lasting peace of mind. Scan the code or visit lapfcu.org/trust