Success StoryEstate Planning



Estate Planning

Author: Matti Coffey

Planning Unit: Whitley County CES

Major Program: Estate Planning

Plan of Work: Effective Resource Management

Outcome: Initial Outcome

According to a study by BMO WealthManagement, 52 percent of Americans do not have a will and 40 percent of parents have not had a conversation about estate planning needs with their family. Only 28 percent knew their parent's "legacy wishes." While these statistics are staggering, it makes you self reflect about your own situation. A request was made by a community member to learn more about estate planning and how to prepare better for any situation that could arise.

Because of this request, the Whitley County FCS agent partnered with a local investment company and law firm to present some information to those willing to participate. Around 10 people participated and they learned about the difference between a power of attorney, advance directive, and living will. They got information about how to begin the process of starting a will and also some tips on what not to do. The local lawyer gave great insight on real life situations about property and banking accounts and the investment company gave recommendations on beneficiaries. University of Kentucky publications were given to everyone there with the glossary of estate planning terms.

Evaluations were given out and all the participants were motivated to go home and have these meaningful conversations. One participant left saying she was going to go find all the important paperwork and put it in one place so her children could find it easier. Another class will be scheduled this coming spring and will talk about more specific topics.






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