Research suggests that more than 50% of Americans think estate planning is important, but only 33% have a will. For the nearly 70% of Americans without a written will, many indicate they do not believe they have enough assets to leave behind anything of worth. Even when formal estate plans are in place for titled property such as houses, land, or insurance policies, often overlooked are all the non-titled property that make up the bulk of a person’s estate. From clutter in the closets to cherished possessions — and everything in between — understanding the importance of estate planning and what steps to take to get started is vital for Kentucky families. 

Estate planning allows people to control what happens to their possessions after death. Dying without a legal estate plan, and/or with only minimal estate plans that lack clarification as to how an executor should distribute and/or dispose a person’s full estate, may create confusion and conflict among families during an already challenging time. 

To increase consumer knowledge on estate planning and non-titled asset distribution, the Kentucky Cooperative Extension Service developed the curriculum, Transferring Cherished Possessions: Estate Planning for Non-Titled Property. The four-lesson program was piloted by the State Extension Specialist for Family Finance and Resource Management with Family and Consumer Sciences Extension at the Kentucky Extension Homemaker’s Association annual meeting in Owensboro, KY, on May 11, 2022. The four lessons with accompanying Extension publications include estate planning topics such as where to begin, how to determine fair value and a fair distribution process, methods of asset distribution, and how to communicate without conflict during estate planning.

A total of 56 participants attended the workshop, with 37 completing a post-session evaluation. The purpose of the program was to educate participants about the importance of estate planning for non-titled possessions, as well as provided them with strategies and resources to begin the estate planning process. After attending the session, 97% reported good or excellent post-program knowledge of the following: (1) understanding where to start estate planning for non-titled possessions, (2) considering “fairness” when distributing assets, (3) evaluating different methods of asset distribution, and (4) communicating estate plans and goals with loved ones. When asked to describe key takeaways from the program, participants highlighted the importance of communication, planning, and determining the division of assets. One participant noted that estate planning “may be uncomfortable to do, but it needs to be done.”

As a result of their participation, 76% plan to discuss what “fair” distribution means with their heirs; 89% plan to start an asset distribution log; 86% plan to write a Letter of Last Instructions; and 91% will begin or review their estate plan and/or will. 100% reported the material to be effective, practical, and educational. Below are selected qualitative comments that summarize the overwhelming success of the program pilot. The full program will launch to agents in fall of 2022.

“Great session! Very thought provoking.”

“Very good, excellent workshop. Most useful I've attended in a long time.”

“The most beneficial workshop of estate planning that I have ever attended.”

“Thank you. This was the most valuable class I have attended at state.”

“Well done for a very difficult subject.”

Further, in addition to the evaluation data collected at the conclusion of the pilot workshop, when asked to list the most valuable session attended at the KEHA state meeting on the overall conference evaluation form, Transferring Cherished Possessions was the most-listed concurrent session by conference participants.