Here's a New Year's Resolution - Take Care of Your Estate Planning

Happy New Year. It’s that time of year when we make our resolutions. In other words, we make promises to ourselves to do better, be better, and get things done. However, as this is only a promise to ourselves, there is no need to be accountable to anyone else. Therefore, most resolutions fail. However, in my opinion, it is still worth trying to make and keep those resolutions. So, plan to lose weight, exercise more, save money, get that new job, and take care of your estate planning. Estate planning, say what? Yes, I find the topic of estate planning to be like other typical New Year’s resolutions. People know it is important and plan on doing it, but it only gets put off.

Now is the Time

Unlike other self-promises, losings a few pounds, your failure to get your estate affairs in order can impact others in your life. Most likely, the people you care about the most. Without the estate planning basics – a Will, Living Will, and Power of Attorney, your family may have to:

• Make emotional and difficult about your healthcare and/or end-of-life care. And what they ultimately decide may not be what you would have wanted;
• Fight over who gets what assets. Your Will can and should spell out who get what assets;
• Deal with unnecessary and complicated probate issues; or
• Spend money on lawyers or other professionals.

So maybe you can put off going to the gym for another week. What’s the harm? But what if you put off your estate planning and something happens to you?

Has Life Changed?

In the above, I discuss getting your estate planning done for the first time. However, each January is also a good time to review your existing estate plan. Did the past year bring any major changes to your life? Changes that would require an update to your estate plan. Examples may include:

• Change in marital status - newly married, divorced, or widowed.
• Newfound fortune – big lottery winnings, inheritance, or some other windfall.
• Need to change beneficiaries, trustees, or administrators.
• The birth or adoption of children or grandchildren.
• You moved to another state.

Regardless of if you need to start the estate planning process or need to update an existing plan, make 2022 your year. Take care of your estate planning – it is that important. You can do it, and you can accomplish your other resolutions as well. We will you all a Happy, Healthy, and Successful 2022.

In the meantime, our estate planning attorneys are here to any questions and guide you through the process. Give us a call.