National Estate Planning Awareness Week
Written By: Brianna Props
Did you know that during the next 20 years, more than $30 trillion (about $92,000 per person in the US) will be transferred in what is known as the Great Wealth Transfer? Many people may not realize this, which is why organizations like nonprofits are working to raise awareness about these figures and promote financial wellness in their communities.
One important initiative is National Estate Planning Awareness Week – October 21-27, 2025, which aims to inspire individuals to think about how they want to share their wealth within their communities. Throughout this time, companies and nonprofits are encouraged to educate the public on why estate planning matters. It’s a crucial step in managing your financial assets as you approach the end of life. The National Association of Estate Planners & Councils (NAEPC) provides helpful resources and education to ensure a smooth transfer of wealth through effective estate planning.
Contributing to your community or supporting a cause you are passionate about is a meaningful way to leave a lasting legacy. Engaging in charitable activities fosters a sense of fulfillment and allows you to be part of something larger than yourself.
There are various options for making such donations. For example:
· A bequest can be made through a will or a living trust. It can be for a specific purpose within a program or unrestricted and can tend to the area with the greatest need.
· Alternatively, a charitable gift annuity allows donors to contribute cash or securities to a desired foundation and, in return, an individual will be paid a fixed annuity for the remainder of the donor's lifetime.
· Another option is the charitable remainder trust (CRT), where a person can transfer real estate, securities, or cash to establish one of two types of trust administered by a foundation. An Annuity trust is a fixed amount paid over the trust term. Whereas Unitrust can differ in payments based on a fixed percentage of the trust's assets, which are revalued each year.
· Finally, charitable lead trusts allow an individual to transfer his or her assets into a trust. That trust then makes annual payments to the donor’s selected foundation for a term of years. At the term's end, the rest of the assets will be distributed to the donor's beneficiaries.
The key is to talk to your financial planner, attorney and accountant when considering any estate plan. Creating a plan can provide financial benefits, as they may reduce estate taxes. Think about why you should pay it forward. You not only create a positive impact but also ensure that your legacy endures for future generations.
References
Charitable gift annuities and charitable remainder trusts: U-M LSA U-M College of LSA. U-M LSA. (n.d.). https://lsa.umich.edu/lsa/support-lsa/give-to-the-college/ways-to-give/legacy-gifts/gifts-that-pay.html#:~:text=A%20charitable%20remainder%20trust%20(CRT,way%20you%20want%20it%20to
Jarvis, A. (2024, August 16). Which charitable trust is right for you? Schwab Brokerage. https://www.schwab.com/learn/story/which-charitable-trust-is-right-you
Kagan, J. (2024, April 22). What is estate planning? definition, meaning, and key components. Investopedia. https://www.investopedia.com/terms/e/estateplanning.asp
National Estate Planning Awareness Week October 21 - 27, 2024. National Association of Estate Planners and Councils. (n.d.). https://www.naepc.org/events/awareness_campaigns
What is a private foundation? Fidelity Charitable. (n.d.). https://www.fidelitycharitable.org/guidance/philanthropy/private-foundations.html
