It’s National Estate Planning Awareness Week

The third full week of October is National Estate Planning Awareness Week (NEPAW). This week is about planning and drawing up the most important documents of your life: an estate plan that protects your interests and your loved ones. Founding partners Linda M. Varga and Henry J. Moravec of Moravec, Varga & Mooney will be presenting an estate planning seminar at the COS forum on Sunday, October 18. In preparation for NEPAW and our guest counselors from Moravec, Varga & Mooney, here’s a primer that can help ensure a thoughtful estate plan is put in place.

Get Familiar with the Terms

If you’re new to estate planning, the legalese can be difficult to get used to. Differentiating between terms you will come across, such as settlor, executor, trustee, and testator, will make understanding the process easier. 

Start Small, Think Big 

Write down what you own: valuable personal property like jewelry and artwork, vehicles, and real estate, to bank accounts, investments, retirement accounts, life insurance and business ownership interests. Any important tangible and intangible assets should be listed.  

Make A List or Two

Thinking about those you love and trust, start your list with 2 or 3 people who you would consider as a personal representative who will collect your assets, pay your debts and work to distribute your assets to the people and charities you name in your will. You will also want to name a legal guardian and backup guardian to care for any minor (or furry) children.

The next list takes the information you have already considered, your assets, and designates which people or organizations you would like to inherit your belongings. Be sure to use the legal names of individuals and tax identification numbers for the charities who depend on you, have made a difference in your life, or whom you have a special fondness for.   

Enlist Experts

Once you have a handle on the above, gather the names and contact details of your professional advisors, such as your accountant, financial advisor, investment manager, legal representative, insurance agent, and planned giving officer. Collaboration among the trusted professionals you rely on will ensure that your estate plan will run smoothly when it is needed.

Once you have gathered and documented this important information, you are ready to begin drafting your estate plan with a capable estate planning attorney. Choose a legal representative that specializes solely in trust and estate law and who offers customized strategies rather than cookie-cutter documents. Reputable estate planning attorneys have a transparent fee structure, authentic and honest online reviews, and pay meticulous attention to detail. Seek legal experts who provide a high standard of client care, who prioritize long-term relationships over one-time transactions.

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For access to our helpful and informative legacy planning toolkit or to learn more about joining the Legacy Circle, contact Rose Gonzalez at RoseG@COSEpiscopal.org or call (626) 282-5147 ext. 118.