Regardless of net worth, estate planning is important to protect, and help ensure, your personal and financial goals are realized after death. Unfortunately, many people fail to properly plan for transfer of their possessions and property at the time of death.  A properly executed estate plan can reduce family stress, reduce federal and state tax obligations, and allow the estate to be settled in an expedient fashion saving both time and money. Many individuals perceive estate planning as complicated, costly, and unpleasant; thereby, possibly leaving their family, farming operation, or small business at risk. 

To address this need, the Woodford County Extension Office hosted a 3-series Estate Planning workshop.  A total of 24 consumers participated.  Emphasis was on the estate planning process, including steps to develop an estate plan, establishing goals for an estate plan, specific estate planning tools (Power of Attorney, trusts, and wills), the probate process, insurance, funeral planning, and gift and estate tax laws.  

In a survey following the class, 95% of respondents indicated they learned how to manage/address current estate planning issues facing the family, farming operation, or business; 89% could more effectively identify estate planning strategies; and 95% gained confidence in handling estate planning or specific financial matters.  

Additionally, 95% of respondents planned to create at least one specific estate planning goal, in addition to 95% planning to implement at least one strategy in regard to estate planning and 95% planning to take action toward implementing at least one estate planning strategy as a result of participating in the program. 

At least 95% feel like what they learned assisted in effectively managing estate planning needs. The most significant things this group plans to apply as a result of this workshop, include creating a will, organizing documents, and understanding Power of Attorney. One participant stated, “I'm a nervous executrix for two family members and this has really helped!” Another noted, “(This) made me more confident I am on the right track.”