New Year’s resolutions – those well-intentioned promises we make each year. While family and finances often take center stage, one resolution that might not immediately come to mind is estate planning. However, a well-thought-out plan can be the key to achieving both family and financial goals. Here are some practical tips to ensure that making estate planning a resolution becomes one you truly keep in 2024.
Embrace the Resolution to Plan:
It’s important to know that estate planning doesn’t have to be complicated. In fact, it can be a straightforward and empowering way to ensure the security of your wealth, well-being, and, above all, your family’s future. Diving into estate planning might seem overwhelming. As parents we have stood in those exact shoes before, juggling various endless responsibilities, wanting to focus on the joys of family life rather than contemplating the future. This is where estate planning steps in, creating an estate plan is a resolution that will give your family security that lasts.
Beyond the Will: 4 More Essential Documents Every Parent Needs:
While a will is crucial, it’s just the tip of the iceberg. A will needs to be approved by Probate Court which will make your will public upon your death. As a young parent there are 4 more documents that are critical to ensuring your family’s privacy and your wishes. You can learn more about these documents below.
Kids Protection Plan®.
If you have minor children at home, you need a comprehensive set of documents to ensure they are taken care of by the people you want, in the way you want, no matter what. Not just for the long-term, but also in the immediate term if, and when something happens to you.
Advance Medical Directive
Also known as a Health Care Proxy, this document provides the legal right for the person of your choice (your representative) to make healthcare decisions for you in case you become incapacitated and unable to make those decisions for yourself. Plus, it also lets that person know HOW you want decisions to be made if you cannot make them for yourself. Without an Advance Medical Directive in place, your family could have their hands tied when it comes to ensuring you get the best care possible, in the way you would want.
Power of Attorney
In the event you cannot communicate, your Power of Attorney will allow your family to gain access to your financial accounts so they can pay your bills and manage your financial affairs. Without this in place, they’ll face an expensive, long and public court process to take matters into their hands. Don’t leave your family in that position, handle this today.
Trust
If you own any property that would go through the probate process (a home, bank accounts, brokerage accounts, business assets, investment real estate, and other investment assets), you’ll want to make sure to have a Trust set up so your family isn’t stuck dealing with an expensive, unnecessary, long, and totally public Court process in the event of your death. A revocable living trust puts the people you know, love and trust in control without having to go to court.
Your Three-Step Guide to a Successful Estate Plan:
2. Review Beneficiary Designations: Complete beneficiary forms for insurance policies, retirement accounts, and investments. Without them, state law may dictate unintended outcomes, depleting your assets through taxation.
3. Consider Your Own Health: Contemplate and document your health decisions now. Execute a Living Will and assign a Health Care Proxy to ensure your wishes are followed.
Make 2024 Your Estate Planning Year:
Whether creating a new plan or updating an existing one, 2024 is the year to reflect your life in your estate plan. The Parents Estate Planning Law Firm is ready to assist you in protecting those you love the most.
Turn your resolution into a legacy today – secure your family’s future with a strong estate plan.
