New Year’s Eve resolutions are our chance to set a goal and stick to it. One resolution you may want to think about for 2023 is working on your estate plan. Whether you have an existing estate plan or you’re starting from the beginning, putting your affairs in order with a comprehensive estate plan is something that benefits both you and your loved ones.
Start the Comprehensive Estate Planning Process
If you don’t already have an estate plan, this is the perfect time to begin the process! Once you have your comprehensive estate plan in place, you’ll have the peace of mind that comes with knowing that your wealth will be protected and managed according to your wishes if you become incapacitated or pass away. There’s also peace of mind that comes with knowing that you’ve provided some directions on how you want your healthcare managed and by whom and that someone will manage your finances if you become unable to due to a mental incapacity. Your estate plan is where you can name guardians for your children and provide for their financial security should the need arise. Having an estate plan in place has a multitude of benefits for you and your family.
Get a Checkup for Your Existing Estate Plan
Maybe you have an existing estate plan, but it’s been a while since it’s been reviewed. In this case, consider a New Year’s resolution to schedule an appointment for an estate plan checkup. Checkups are important for many reasons. The state and federal laws that can influence your estate planning strategies often change. You need to ensure that you’ve still got the most effective estate planning strategy in place.
Sometimes, your intentions change with time. Families change over time. New charities become of interest. Maybe you need to review your giving plan. Maybe your circumstances are different than they were when you originally put your plan in place. Moving to a new state can impact your estate plan. Or maybe you’ve had to retire earlier than expected. It’s a great accomplishment to get an estate plan in place, but without regular checkups, you may not be passing on as much wealth as possible to your beneficiaries.
Conclusion
Make a meaningful New Year’s Eve resolution for 2023. Consider working with an estate planning attorney to create or update your comprehensive estate plan.
Work with an Experienced Corning Estate Planning Attorney
We’d be happy to work with you on your estate planning goals. Call Roth Elder Law, LLC today to schedule an initial meeting at 607-962-6162 or complete this intake form and we’ll be in touch.