64% of Americans say that having a will is important — but 68% don’t have a will in place. October is National Estate Planning Awareness Month and all month long, the San José Public Library Foundation (SJPLF) is celebrating by spreading awareness to the community about the importance and relevance of estate planning. We invite you to consider these important questions:
- Who do you want to care for your children or pets in the event of an unforeseen circumstance?
- Have you made decisions around finances?
- Do you want to support SJPLF through our legacy?
Estate planning is designed to give individuals security and control of their finances and the transferring of their finances while informing the community of the different methods and costs that each decision entails. An estate includes anything you own, such as automobiles, real estate, investment, and personal possessions. It is important to have an estate plan in place because it will give you the ability to decide how your belongings will be distributed ahead of time when unexpected circumstances occur. SJPLF moves proactively within the City of San José through the twenty-five San José Public Library locations to bring philanthropic power to their communities, which includes ensuring that community members are given proper resources and knowledge to create an estate plan that protects their possessions and their loved ones.
What most people might not realize is that without an estate plan, the state has the power to assign someone to handle your business if you are suddenly incapable of doing so. If there is no estate plan to specify an individual’s wishes, then the state will decide what happens with your belongings. This often might not align with what one intended, so specifying how your assets should be distributed among your heirs or beneficiaries to align with your intentions is why estate planning matters immensely.
There are many areas that estate planning addresses, including asset distribution, business succession, minimizing family disputes, and avoiding probate which means ensuring that assets pass directly to beneficiaries. A significant purpose of estate planning is to protect and guarantee the care of loved ones when unexpected and untimely events occur. For instance, if a beneficiary is still under the age of eighteen, a guardian may need to be appointed to manage the account until the beneficiary becomes an adult. Estate planning takes a significant amount of consideration to address all the unique circumstances that potentially could occur as well as the cost and consequences of those decisions. Estate planning can also minimize estate taxes, gift taxes, capital gains taxes, and income taxes on an estate and the beneficiaries. Ultimately, estate planning is meant to give you peace of mind for when difficult times do surface so that you can focus on your situation stress-free knowing that you already made important decisions ahead of time.
The Foundation also recognizes that estate planning may appear to be a foreign and daunting task. With our partner, FreeWill, you can create your plans in just 20 minutes online and protect the people and causes you love. This free tool not only helps you to protect your loved ones and assets, but also helps you support our collective will to make our city as equitable as it is diverse for years to come.
On October 21st, we are hosting a FREE workshop, Estate Planning for Everyone, from 3 PM to 4 PM at the Bascom Branch Library (1000 S. Bascom Ave San Jose, CA 95128). This event is perfect for individuals and families seeking peace of mind and financial security. Featuring guest speakers
• Maris Martinson (Estate Planning Attorney at Berliner Cohen)
• Todd P. Langton, CLF (Financial Services Professional, NYLIFE Securities LLC)
• Pat Wolfe (SJPLF Board Member & Epilogue Society Member)
These industry experts will provide invaluable tips, advice, insights, and resources. Whether you’re starting your estate planning journey or looking to refine your existing plan, we encourage you and your loved ones to join us.
No matter the size of your assets, no matter your age or how wealthy you are, estate planning is beneficial for everyone. It saves time, energy, and resources for you and your loved ones while preserving the legacy you decide to leave behind. Understanding the importance of estate planning and its process will not only give you more peace and control over your possessions, but also empowers you to support causes and organizations you care about through charitable bequests and trusts. When estate planning is executed with competence and confidence, individuals are able to push past just planning, and also leave a legacy that they and their family can be proud of. Thank you for considering the San José Public Library Foundation in your estate planning, and we hope to see you at our Estate Planning for Everyone workshop.