HAPPY NEW YEAR!

New Year, New Plan: The Importance of Estate Planning in the New Year.

As the new year approaches, it's natural to think about resolutions and goals for the coming year. And as an estate planning attorney, I can't think of a more important goal than creating a solid and comprehensive estate plan. After all, your estate plan is a reflection of your values and a way to protect and provide for your loved ones in the event of your passing.

So, as you make your resolutions for the new year, consider adding "create an estate plan" to your list. Trust me, it's not as intimidating or time-consuming as you might think, and the peace of mind it brings is priceless.

But where do you start? Well, first things first: get organized. Gather all of your important documents, including your will, trust documents, power of attorney, and health care directive. Make sure these documents are up to date and reflect your current wishes and situation. If you don't have these documents in place, now is the time to create them.

Next, consider your assets and how you want them to be distributed after your passing. Do you want to leave everything to your spouse or children? Do you want to set up a trust for a specific purpose, like education or charitable giving? Do you have any specific bequests you want to make, like a piece of jewelry or a family heirloom?

It's also important to think about who you want to serve as your executor or trustee. This person will be responsible for carrying out your wishes and managing your assets after your passing, so choose someone you trust and who is capable of handling this important role. You may also want to consider naming a guardian for any minor children you have, to ensure that they are cared for and protected in the event of your passing.

And don't forget about the practicalities of estate planning. Do you have a plan in place for long-term care in the event of a disability? This is an important consideration, especially as we all live longer and the possibility of needing long-term care becomes more likely. There are various options available, including long-term care insurance and Medicaid planning, and it's important to think about what makes the most sense for your situation.

Finally, it's important to review and update your estate plan regularly. Life circumstances change, and it's crucial to make sure that your plan reflects your current wishes and situation. Make it a habit to review your estate plan every year or whenever major life events occur, like the birth of a child, the death of a loved one, or the acquisition of significant assets.

So, as the new year approaches, don't let estate planning fall by the ways side. Make it a priority and take the time to create a comprehensive and effective plan that reflects your values and protects your loved ones. Trust me, you won't regret it.

But if the thought of estate planning still feels overwhelming, don't hesitate to seek the help of a professional. Estate planning attorneys are trained to guide you through the process and help you create a plan that meets your needs and goals. We can help you understand the different options available to you and advise you on the best course of action for your situation.

So, as the new year approaches, embrace the opportunity to start fresh and make estate planning a priority. Take control of your future and ensure that your loved ones are protected and provided for. Trust me, it's a gift that will keep on giving, long after the holiday lights have been taken down and the confetti has been swept away. Happy New Year!