Author: Jane Proctor
Planning Unit: Trimble County CES
Major Program: Financial Education - General
Plan of Work: Enhance Life Skills and Build Consumer Awareness
Outcome: Initial Outcome
Recent findings show that while more than half of Americans acknowledge the significance of estate planning, only about a third have actually drafted a will. Among the nearly 70% without a testamentary document, many believe they lack substantial assets to warrant such planning. Even when formal arrangements are made for titled properties like real estate or insurance, the often-neglected non-titled assets, comprising the bulk of one's estate, remain a concern. Ranging from everyday clutter to sentimental keepsakes, these possessions hold emotional and practical value. Recognizing the importance of estate planning and initiating the process is crucial for families in Kentucky.
Estate planning affords individuals the authority to dictate the fate of their belongings posthumously. Without clear directives, executors may encounter dilemmas in distributing or disposing of assets, potentially fostering discord among family members. To enhance public awareness on this subject, the Trimble County Cooperative Extension Service agent delivered the lesson titled "Transferring Cherished Possessions: Estate Planning for Non-Titled Property" to 38 Homemakers from the Louisville Area.
Following the training, post-evaluation surveys revealed promising results: 93% of participants expressed intentions to utilize the knowledge gained to plan for their future. Additionally, 96% reported acquiring new insights and skills pertaining to estate planning for non-titled possessions, with an equal percentage planning to implement these learnings in their personal lives. Notably, participants highlighted intentions to catalogue their possessions, revise or establish personal estate plans, and engage in discussions with family members regarding estate planning.
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