As the end of 2020 (finally) approaches, many people will be thinking about what they want to do for their New Year’s resolution. If you are tired of setting a goal in January only to abandon it a few weeks later, you should consider estate planning for 2021. Creating an estate plan is a great New Year’s resolution because you can get it done early in the year while you are motivated, and then it will remain in place for years to come. Most people do not need to make frequent modifications unless their situation changes significantly. Read through the following five reasons to have an estate plan created this year.
Impossible to Predict the Future
If you have learned anything from 2020 it is likely that you really can’t predict the future. Nobody expected this year to have so many challenging and life altering events take place. Just about everyone has been impacted by the COVID-19 pandemic, natural disasters, civil unrest, and much more. There is no way for you to know how your life will change, so it makes sense to get an estate plan in place right away. This way, no matter what your future holds, the assets you have built up will be handled just the way you want.
Protecting Your Loved Ones
If you should become incapacitated or pass away, your loved ones will be devastated. The last thing you will want for them during this difficult time is financial insecurity and legal challenges. An estate plan will ensure your assets transfer to your loved ones how you want, which minimizes delays and ensures they get everything that they are entitled to.
Keep Your Business Running
Countless businesses have been disrupted over the past year due to the COVID-19 pandemic. If you are a business owner, you know that many people depend on you for their livelihood. Having an estate plan in place will ensure the ownership and operation of your business transitions smoothly should something happen to you. This will protect you and your family as well as your employees, and even the customers who rely on your service.
Maintain Your Privacy
A growing number of people are becoming increasingly concerned about the lack of privacy that exists in today’s modern world. If you pass away without proper estate planning, your assets will have to go through probate court before they are passed on to your loved ones. Probate court is a public event, which means all your assets (as well as any disputes that take place) will be known by anyone who is curious. An estate plan can keep your assets out of probate so your family’s privacy can be maintained.
Estate Planning is Surprisingly Easy
When first learning about estate planning, it can appear overwhelming. There are many laws and regulations that apply to different situations, which can make the whole process very confusing. When you have an experienced estate planning attorney working with you, however, the entire process can go smoothly. If you live in Pennsylvania, please contact Miller Law Firm PC to schedule a consultation to learn how we can help you get 2021 started off on the right foot.
