Get your Estate Plan Done in the New Year!

We love new year's resolutions! It's a time to evaluate the past year and think about all the possibilities ahead. Whether it's to learn a new skill like a language, ballroom dancing, or tennis or to finally tackle estate planning, we have more tools than ever at our disposal to reach our goals.

Today, we're talking about benefits to getting your estate plan done in the new year!

Gives an opening for tough conversations

When thinking about estate planning, there are several questions that need to be addressed with your spouse and loved ones.

1. Who will be your healthcare surrogate? Think about who will make healthcare decisions for you if you cannot make them for yourself?
2. Think about who will be guardians of your children if something happens to you? And to follow that up, how will they be taken care of financially?
3. What do you want to happen to your assets and property? Make sure all of your beneficiary designations are set to the person you desire.
4. Who will be the executor or trustee of your estate. This is important to think about and talk about with the person ahead of time. They will have to do things like pay debts and bills, distribute property, and pay taxes for you after your passing.

These tough conversations are a necessary part of planning, and it's important to talk with loved ones about their roles in the estate plan.

Peace of mind knowing that it is done

It is comforting knowing that your plan is done. Knowing that your children are taken care of if the worst happens and you cannot be with them. Make sure you put the most effective plan in place - before you need it!

If you need help in the new year to tackle your estate plan, give us a call!

Reference: Elder Law Answers (December 12, 2023) New Year’s Resolution: Get That Estate Plan Done