What Should You Consider About Your Estate Plan In The New Year?

| Dec 22, 2020 | Estate Planning

Many people make new goals and resolutions in the new year. Is estate planning on your list? If not, you might want to consider adding it. Estate planning is a crucial part of anyone’s life and creating a plan can help give you and your family peace of mind.

There are a few things you may want to consider when thinking about your estate plan as the new year comes.

Is Your Estate Plan Thorough?

Making sure your estate plan covers all your bases is crucial. An estate plan is only worth while if it’s efficient and effective. Go over your estate plan and ensure it contains at least the following:

  • Will/trust
  • Durable and healthcare powers of attorney
  • Health care directive/letters of intent
  • Guardianship designations
  • Beneficiary designations

Is Your Plan Up To Date?

Another important part of estate planning is making sure it’s up to date and accurate. Most people should review their estate plan every few years to ensure it contains the correct information about your assets and estate and complies with all current tax laws. However, a few major life events may also prompt a review and update of your estate plan such as:

  • Birth or death of family members
  • Marriage or divorce
  • Large inheritances or acquisitions

Have You Included A Succession Plan?

For small business owners and farmers, a succession plan may be an additional component of estate planning to think about in the new year. You may want to begin planning for your retirement and coming up with a way to transfer your company to new management.

Estate planning not only protects your assets, but your family and loved ones as well. Taking time to think about your estate plan in the new year can help you ensure your legacy and loved ones are cared for in the future, so you can take on the rest of the year with confidence.