A New Year’s resolution: create your estate plan

 Posted on February 28,2022 in Uncategorized

The reason so many people enjoy the calendar flipping over to a new year is because it is a chance to try new things and make your life better for the coming year. It is also a time to do the things you have been planning to do for a while now and never got to. One of those items should be to get your estate planning started. 

Estate planning is for everyone

Estate planning is easy to put off because many believe it is only for when you die, and they hope that is a long time from now. Other people put off estate planning because they think it is only for famous people or the extremely rich. The fact is, there is something in estate planning for everybody. Estate planning can include a will, a living will, health care directives, power of attorney, trust, instructions for your funeral and who you want as a guardian for your children.

Estate planning is needed no matter your situation

You can benefit from estate planning if you are single, married, divorced, with a partner, an only child or are young. If you are just starting your life and out of high school or college, it is easier to begin your estate planning and adjust it as you go through life rather than continuing to put it off and needing to do it all at once down the road.

How to get started

One of the main contributing factors as to why people put off estate planning is because they don’t really know what they are missing out on. Therefore, you should meet with an estate planning professional right now and get a consultation on why you can benefit from starting your plan. Before meeting with an attorney about estate planning, feel free to speak to your parents, other family members, friends and co-workers about what types of estate planning they have set-up. You should do your research beforehand and get the full scope of what you want to accomplish with your estate planning.

Estate planning is important for many reasons. The most important is you could have an untimely death. Passing away without a will means none of your final wishes can be realized. Also, you may encounter health care issues that you want to address but may not be able to because you are incapacitated. Finally, having an estate plan set-up means you will have peace of mind and you will not place undue burden on your family when the time comes for decisions to be made.