It’s a new year, and you’ve probably already made your resolutions. I would wager that estate planning didn’t come up. One resolution that everyone should make for this year is planning for the future. It is something that is so important, but often put off because of our “living in the present” society.
Do yourself and your loved ones a favor, and make your future security a priority for this year.
5 Estate Planning Tips For The New Year
Here are a few estate planning tips for the New Year:
1. Take Action
If you’ve already been to an estate planner, awesome! You are on top of things. If not, maybe getting your affairs in order, planning for your retirement, or planning your exit from your business has been on your list of things to do. Cross them off the list this year. Planning for these things is too important to put off indefinitely. Be proactive and do something about your future sooner rather than later.
Often, plans are laid out and soon thereafter forgotten. The New Year is a great time to review any estate planning you have done in the past. With the passage of time, things can change and documents may need to be updated. Relationships may have been forged or broken, and people may have passed while others came into the world. Make sure your documents reflect your wishes based on these changes.
3. Think Virtually
When creating an estate plan, some people forget to consider their online assets. Will anyone be able to gain access to your accounts? Will anyone have a record of your online assets and affairs? These are all things you have to consider. Make sure to add these items, and ways to access your information and accounts online, to your estate plan if you haven’t already. These are also important to keep up to date.
4. Consider Your Health
Maybe one of your resolutions this year was to get into better shape. Awesome! More power to you. But that’s not what we are talking about here. Consider making a living will and designating someone to make decisions if you are unable to do so for yourself. Getting these two documents will give you and your family control if that situation were to come about.
5. Consider Your Family
Most of the time, children are a driving force in the decision to begin an estate plan. People want to make sure their children are taken care of in the event of their passing. There are so many ways in which you can care for your children, even after you are gone. Depending on the child’s age, your options will be different. Your goals and wishes will change as your child ages, so once again make sure you revise your documents as time passes. Creating a document that legally defines your wishes for your children is important for both your peace of mind and the future of your family.
Get In Touch
Do you have estate planning documents you would like to review and update? Maybe you just want to start the process of getting your affairs in order and securing your future. Either way, the Law Office of Justin M. Gilbert is here to help you with any step along the way.
Take action this year! If you have any questions, or would like to schedule an appointment, give us a call today.