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National Estate Planning Awareness Week: How to Provide the Ultimate Gift for your Loved Ones

Posted October 21, 2025 at 6:12 AM

Elder Law, Estates & Trusts, News & Events

National Estate Planning Awareness Week is October 20–26, 2025. It is a vital reminder that an estate plan is one of the most selfless acts you can perform for your loved ones. It is not just about assets and legal documents; it is about providing clarity, security, and peace of mind during what will inevitably be a difficult time.

For the majority of Americans who lack a proper estate plan, the consequences can be disruptive to the entire family, leading to disputes and costly, time-consuming court battles. By taking action now, you can control your legacy and ensure your final wishes are honored.

What Does an Estate Plan Include?
A comprehensive estate plan is more than just a will. It is a set of documents designed to protect your family and manage your affairs if you become incapacitated or pass away. Key components typically include:

  • Last Will and Testament: Outlines who will receive your assets and, crucially, names the people you want to administer your estate, carry out your final wishes, and, if necessary, serve as guardian for any minor children.
  • Living Trust: Allows your assets to bypass the potentially expensive and lengthy probate process, protect vulnerable beneficiaries, and avoid adverse tax consequences.
  • Powers of Attorney (Financial and Medical): Designates a trusted person to make decisions on your behalf if you become unable to do so.
  • Advance Healthcare Directive (or Living Will): Communicates your wishes regarding end-of-life medical treatment.
  • Beneficiary Designations: Specifies who should receive funds from your retirement accounts and life insurance policies.
  • Digital Assets Plan: Accounts for your online footprint, including social media, email, and digital wallets.

Estate planning is an incredibly important tool, and not just for the “uber wealthy” or those thinking about retirement.  On the contrary, estate planning is something every adult should do.  Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing health care agents to make decisions if you become ill, minimizing taxes so you can pass more wealth onto your family members, and stating how and to whom you would like to convey your assets when you pass away.

Key Estate Planning Terms
Below are some important terms you should know as you think about your estate plan.

Assets:  Generally, anything a person owns, including a home and other real estate, bank accounts, life insurance, investments, furniture, jewelry, art, clothing, and collectibles.

Beneficiary:  A person or entity (such as a charity) that receives a beneficial interest in something, such as an estate, trust, bank account, or insurance policy.

Distribution:  A payment in cash or asset(s) to the beneficiary, individual, or entity who is entitled to receive it.

Estate:  All assets and debts left by an individual at death.

Fiduciary:  A person with a legal obligation (duty) to act primarily for another person’s benefit, e.g., a trustee or agent under a power of attorney.  “Fiduciary” implies great confidence and trust, and requires a high degree of good faith and responsibility.

Funding:  The process of transferring (re-titling) assets to a Living Trust.  A Living Trust will only avoid probate at the Grantor’s (i.e., trustmaker’s) death if it is fully funded, meaning it contains all the decedent’s assets.

Incapacitated/Incompetent:  Unable to manage one’s own affairs, either temporarily or permanently; often involves a lack of mental capacity.

Inheritance:  The assets received from someone who has died.

Last Will and Testament (“Will”):  A written document with instructions for disposing of assets after death.  A Will can only be enforced through a probate court.  A Will can also contain the nomination of guardian for minor children.

Guardianship:  The court-supervised process of managing the assets of an incapacitated person.  Conservatorship is another term used for this process with respect to the incapacitated person’s property interests.

Marital Deduction:  A deduction on the federal estate tax return that allows the first spouse to die to leave an unlimited amount of assets to the surviving spouse free of estate taxes.  However, if no other tax planning is used and the surviving spouse’s estate is more than the amount of the Federal estate tax exemption or Maryland estate tax exemption in effect at the time of the surviving spouse’s death, estate taxes will be due at that time.  (Note: In 2025, the Federal estate tax exemption amount is $13.99 million for individuals and $27.98 million for married couples.  Currently, the Maryland estate tax exemption amount is $5 million for individuals and $10 million for married couples.)

Settling an Estate:  The process of winding down the final affairs (e.g., valuation of assets, payment of debts and taxes, distribution of assets to beneficiaries) after someone dies.

Trust:  A fiduciary relationship in which one party, known as the Grantor or Trustmaker or Settlor, gives another party, known as the Trustee, the right to hold property or assets for the benefit of another party, the beneficiary (who, in some but not all cases, can also be the Trustee or even the Grantor). The Trust should be memorialized by a written trust agreement, outlining how the trust assets will be distributed to the beneficiary.

How MM&C Estate Planning Attorneys Can Help
We understand that making a comprehensive estate plan can be a daunting task. We are here to guide you through the decision-making process and answer any questions you may have along the way. 

Schedule a Meeting
Call us to schedule an appointment so we can help you check this item off your to-do list. Let us help you choose the best course of action for your estate planning needs.  We are more than happy to meet with you by phone, video conference, or in-person.

The attorneys in Miller, Miller & Canby’s Estates & Trusts practice provide extensive estate and legacy planning, asset protection planning, retirement planning, and business planning services to individuals and businesses. To learn more about Miller, Miller & Canby’s Estates & Trusts practice click here.

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