As we start a brand new year, it’s a great time to take stock of your Estate Plan. For the new readers, an Estate Plan is a legally-binding plan created with the help of an attorney for what will happen to your belongings, property, and remaining financial assets after you pass away. When someone dies without having created an Estate Plan, those same decisions are made instead by a state Judge in probate court.
So how do you get started on an Estate Plan? If you already have one, are you completely finished? Why is right now the best time to make one? Here are our 4 Estate Planning Resolutions for the new year, with our answers to your pressing questions:
Set a Solid Foundation
Every living adult should have an Estate Plan in place. It is simply a matter of wanting to make those major life decisions for yourself, and taking a proactive approach to doing so. The last two years have taught us that you truly never know what to expect. Protect your loved ones and your legacy by creating an Estate Plan if you have not already.
Put Your Trust in a Trust
A Trust is a fund that is managed by an independent third party to be passed along when you die to whoever you choose. Unlike things left behind in a Will, any assets placed in a Trust become immediately available to your loved ones without entering probate. There are dozens of different kinds of Trusts designed for all kinds of purposes, including protecting loved ones with special needs or health issues, charities, and your own taxes.
Look Beyond the Obvious
There’s more to Estate Planning than just passing along property. One of the most important and least discussed elements of Estate Planning is its ability to establish guardianship. If you have minor-aged children, you can select a guardian for them in your Estate Plan who will raise them in the event of an emergency. You can even establish a guardian for yourself later in life to plan for potential healthcare solutions.
Keep It Updated
Your Estate Plan is a reflection of your life, so it should change as your life does too. If you’ve recently gotten divorced, you have to manually remove your ex-spouse from your Estate Plan. The same applies to recently getting married, welcoming a new child into your family, changing careers, or even moving to a new state.
Get the Help You Need
The hardest thing about Estate Planning is just taking the time to make the first step. This year, focus on getting your Estate Plan in order and protecting those you love the most. To cross Estate Planning off of your To Do list, contact Miller Law Firm PC today! Protect your property with a consultation today!
