“It’s Time to Talk Estate Planning” Impact Statement

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, leaving possibly leaving their family, farming operation, or small business at risk.

To address this need statewide, the FCS State Extension Office hosted an Estate Planning webinar series in March 2021. Emphasis was on the estate planning process, including estate planning basics (presenter Dr. Jennifer Hunter, Assistant Director FCS Extension, University of Kentucky); advance directives and caregiver considerations (presenters Dr. Amy Kostelic, Extension Specialist for Adult Development and Aging, University of Kentucky, and Hazel Teichen, Provider Liaison for Bluegrass Care Navigators); and legal considerations including wills, trusts, guardianship, and eldercare (presenter Katie E. Finnell, JD, LLM, Bluegrass Elderlaw, PLLC). The series was moderated by Dr. Nichole Huff, Extension Specialist for Family Finance and Resource Management, University of Kentucky.

In advance of each session, participants received educational resources from each presenter, including a 10-part Estate Planning publication series from FCS Extension (Drs. Nichole Huff & Jennifer Hunter).

In total, 305 unique participants attended the virtual webinar series, with 132 (43%) attending all three sessions; 100 (32%) attending two sessions; and 75 (24%) attending one session. 79 counties were represented.

Of the total attendees, 171 participants completed a post-program evaluation. 99% reported gaining knowledge about the topics presented, and 100% indicated they were likely to apply the material/knowledge gained. 79% reported they discussed the educational materials or webinar contents with someone outside of the series, suggesting a social multiplier effect may exist. Further, 94% indicated they better understand estate planning tools (e.g., Power of Attorney, trusts, wills, advance directives, insurance); 93% indicated they felt more confident in their general knowledge related to financial management and estate planning; and 90% indicated they learned ways to manage current estate planning issues facing their family, farming operation, or business.

Finally, as a result of attending the program, 97% indicated that it helped them to set a future estate planning goal. Common reported goals included: creating or updating a will; establishing guardianship for minor children; establishing Power of Attorneys, executors, etc.; scheduling a meeting with an attorney, estate planning professional, or financial professional; gathering important documents needed for their estate; communicating final wishes, advance directives, and estate planning information to family members/beneficiaries; establishing a trust; completing a living will; and numerous others.