** This article has been revised from its original version which was published on November…
It’s that time of year again! The new year is here, and everyone is thinking about new year’s resolutions, getting organized, and being best prepared for the year ahead. Often, one thing that someone overlooks this time of year is estate planning in the new year. Wouldn’t it be great to have a plan in place that will make your life and the lives of your loved ones easier should something unexpected happen?
Most people do not like thinking about estate planning. It automatically makes them think of death, and that is at best vaguely unpleasant, and at worst, severely anxiety-inducing. Instead, they tell themselves that they’ll think about estate planning when they have to, and not a moment sooner.
The problem is, estate planning, as much as it makes people think about death, should really make people think about hope. Estate planning is life planning. It’s an insurance policy for both you and your loved ones. It ensures that your wishes for your own life will be carried out by your loved ones and that when your loved ones are grieving you, they are not also dealing with the additional stress that could have been avoided.
Estate planning in the new year is an excellent way to start 2022 off on the right foot:
- Give your loved ones the gift of alleviating guilt: execute a living will, and tell them what your wishes are in the worst-case scenario, so they don’t need to second guess themselves.
- Give your loved ones the gift of not overthinking: do a burial designation which lays out your wishes regarding funeral arrangements, so no one needs to try and figure it out later on.
- Give your loved ones the gift of less financial stress: create a revocable trust that allows them to access your assets immediately upon your death, without having to wait for often lengthy court proceedings.
Your loved ones deserve continued financial support when you are no longer there to oversee their well-being. Set up a supplemental needs trust in your last will and testament that allows loved ones with special needs to have access to quality of life money after you pass, which cannot jeopardize their benefits.
Need more peace of mind? Consider giving your loved ones the push they need to begin estate planning in the new year and get their life plan in order.
Contact us to schedule a consultation with one of our estate planning attorneys to start on a plan for the year ahead that will truly be appreciated in the years to come.