Our Offices: Philadelphia, PA Moorestown, NJ
Estate planning can be a stressful undertaking. No one wants to plan for their own death, serious injury, or incapacity. When someone feels like they do not understand the basics of estate planning, it can make creating their estate plan even more stressful and lead to procrastination. Anyone who feels anxious over getting their estate plan done or feels like they do not know enough to get their plan done should know they are not alone. Most people share these feelings. These are the reasons that National Estate Planning Awareness Week exists.
The United States House of Representatives designated the third week of October as “National Estate Planning Awareness Week” in 2008 in House Resolution 1499 which “encourages the distribution of estate planning information by professionals to all Americans.” This week we will be posting a few articles on what is involved in estate planning. Hopefully, it will spur a few readers to get the estate plans done and provide everyone with some ideas and questions to consider when getting their estate plan prepared.
The Financial Awareness Foundation spearheaded the creation of National Estate Planning Awareness Week. The Foundation is a 501(c)(3) whose mission is to find solutions to a lack of financial awareness and literacy. The Resolution cites several statistics on retirement and estate planning that demonstrate why the Foundation and the House were concerned enough to pass it. While the statistics cited are dated, more up to date data show the problems persist.
As of the date of passage, over 120,000,000 Americans did not have up-to-date estate plans, which would be about half of adults over 18. This has only gotten worse in the past twenty years. Caring, a Senior Living Advisor Group, has been publishing its survey of Americans’ estate planning most years since 2017. Caring’s 2025 survey showed only 24% of American adults had a Will.
Americans also lack confidence in their own financial literacy. The Resolution cites a 2004 American Institute for Certified Public Accountants poll on American’s financial knowledge. This poll found two-thirds of Americans over 65 did not believe they had sufficient knowledge to plan for retirement. It also found half of all Americans did not know basic retirement tools, such as 401(k) plans.
The statistics cited in the Resolution are concerning on a national level because they show the lack of preparation by and knowledge on the subject for most Americans. But for the individual, they should be empowering. You are not alone in how you feel about your estate plan and financial literacy. Most people feel the same way.
This week we will publish articles on the basics of Estate plans. Hopefully after reading them, you will have a basic understanding as to the purpose, process, and goals in estate planning, so you feel confident in your knowledge to get your estate plan done. If you are ready, we would love to be able to assist you with that. If you are ready to get your estate plan done and would like Leonard Sciolla to assist you, please call one of our offices; (215) 567-1530 for the Philadelphia office or (856) 273-6679 for the Moorestown, New Jersey office.
