5 Estate Planning New Year’s Resolutions

5 Estate Planning New Year’s Resolutions

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#1: Realize the Benefit of Estate Planning as a Proactive Tool

Establishing an Estate Plan is one of the most important and proactive strategies you have for the year. With a plan in place, you can be proactive, including in areas such as:

• Determining what assets you wish to leave to others
• Evaluating if you have enough life insurance to cover your costs
• Outlining your expectations for end-of-life care
• Minimizing the risk that an accident could put your financial future at risk
• Allowing you to decide now who can make decisions for you if you cannot do so yourself

More so, the sooner you put an Estate Plan in place, the more attainable this is. It does not matter how much money or how many assets you own right now. The structuring of decisions and tools immediately minimizes the risk that a random event puts your life’s work on the line and limits your power to change things later. With the help of a skilled Estate Planning Attorney, you will have the resources you need to piece together a plan that works to meet your objectives no matter what they are.

#2: Update Any Existing Decisions to Match Life Changes

Over time, even the most well-built and thought-out Estate Plan will need modifications. That is because life itself changes often, and as it does, it becomes critically important for you to make core decisions about how your will and Trusts should be managed. You should always update your Estate Plan to match the changes that have occurred in the last year or so.

Some of the most important big changes you need to update include:

• You got married or divorced.
• You have changed your mind about your inheritance objectives.
• You had a child.
• You adopted a child or added step-children to your life.
• You relocated from another state.
• Your assets have changed substantially.
• You have had a job change in the last year.

All of these big life events can influence the decisions you make within your Estate Plan. You may wish to allocate more or less resources to one person or the other. Often, the people we trust change during the course of the year. In the New Year, make it a point to update your Estate Plan to match your life changes.

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#3: Know the Emotional and Practical Benefits of Updating Your Estate Plan

A young person may not think much about what could happen after they die. However, as you get older, it may become more and more worrisome for you. Consider both the practical and the emotional benefits of updating your will.

For example, emotionally, updating your Estate Plan allows you to make better decisions that align with what you feel and need right now in your life. You may want to do more or less for someone in your life. Your feelings about how much you trust one person or the next may be different now than they used to be. More so, an Estate Plan alleviates a lot of the worry people have about the future. Knowing that you have had a hard conversation and that there is someone available to help you if there is a need is reassuring.

From a practical standpoint, Wills and Trusts allow you to put in place tools to meet your own and your heirs’ financial needs or make clear decisions if there were to be a tragedy. For many people, it becomes critical to recognize this risk. Practically, there needs to be a Power of Attorney named. You should have your wishes outlined.

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#4: Avoid Common Doubts and Fears About Estate Planning

Creating and updating an Estate Plan can seem like a lot of work and even a hard process. It does not have to be. Here are some things to keep in mind:

• You can update your will and trust with your Estate Planning Attorney in a single meeting.
• You can make decisions now, but change your mind later if you decide to do so.
• There is no need to wait until next year, wait until you pay down your debt, or wait until you have a bigger savings account to set up an Estate Plan.

Do it now. Update your Estate Plan now and alleviate the risks you have of not having one.

#5: New Tools Make Estate Planning Efficient

Talk to your Estate Planning Attorney about the new tools and resources that could help to streamline the process and make it even easier for you to always have a clear eye on your goals and expectations. Some of the new and evolving areas of this area of the law include:

• Digital asset management tools
• Resources to help blended families create viable solutions
• Environmental considerations that may play a role in your objectives

When you work with an Attorney, you can learn about more of the strategies available to help you.