It's Estate Planning Month - Trust & Will's 10 Tips for Getting Your Affairs in Order

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Oct 07, 2024, 11:16 ET

New Trust & Will Users Can Save 20 Percent During Estate Planning Month

SAN DIEGO, Oct. 7, 2024 /PRNewswire/ -- To mark October as Estate Planning Awareness Month, estate planning platform Trust & Will is offering 10 tips to make estate planning easier. And to encourage more Americans to get their affairs in order, Trust & Will is giving 20 percent off to new customers who complete their will or trust online during the month of October.

To take advantage of the Estate Planning Awareness Month discount, new Trust & Will customers need to enter the code PLAN20 at checkout before midnight on October 31, 2024.

"We want to make estate planning easier, more affordable and accessible to more Americans, so that their final wishes aren't left to chance – or for the courts to decide," said Cody Barbo, founder/CEO of Trust & Will. "As uncomfortable as these decisions may be, it's important to be prepared by creating – and updating – wills, trusts and other estate planning documents."

Without clear, legally binding instructions, assets can be distributed by the state according to local laws, which may not align with your wishes. Loved ones may face prolonged legal battles, significant delays and unintended financial burdens. Heirs may be unintentionally excluded from inheritances and guardianship decisions may fall into the hands of the court. In fact, Trust & Will's recent 2024 Probate Study reveals that probate, on average, costs families approximately $14,000 and can last well over 12 months, delaying asset distribution and adding stress to an already challenging and emotionally taxing time.

Here are 10 steps to take when preparing to write or update your estate plan to ensure your wishes are clearly documented and legally sound:

Inventory Your Assets: Make a list of your property, investments, and personal items.
Determine Beneficiaries: Decide who will inherit your assets.
Choose an Executor: Select someone you trust to administer your will.
Plan for Minor Children: Appoint a guardian if applicable.
Consider Healthcare Directives: Include living wills and medical powers of attorney.
Prepare for Taxes: Understand estate tax implications, especially with the coming election.
Think About Digital Assets: Include online accounts in your plan.
Discuss Your Plans with Loved Ones: Ensure transparency.
Choose Powers of Attorney: Select someone to manage your finances or healthcare decisions if incapacitated.
Review Regularly: Update your estate plan as life circumstances change such as marriage, buying a new home, having another child, etc.