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Mary Beth Kelly

Should you start the new year with estate planning steps?

On Behalf of | Jan 14, 2021 | Estate Planning |

The new year often leads many people to do things they’ve put off for months. Some may use January’s arrival as an excuse to make dietary changes or clean a Florida home. Why not start the new near with some estate planning? Anyone who never formally engaged in estate planning with an attorney might be overdue for taking such steps. Effective estate planning may make things easier on heirs, beneficiaries and loved ones.

Time marches forward and people age

January 1st represents a new year, which should serve as a reminder that everyone grows older. While people might be uncomfortable to think about eventually passing away, that day will come. Having everything in place for family members and others could make things easier for them. Taking the time to update beneficiaries on various accounts could save them the trouble of going through probate. If they do find themselves probating a will, making sure the will is up to date and reflects current wishes could alleviate some burdens.

Maybe events over the previous year led to thinking that a trust might be better. Working with an attorney to establish one could be a plan.

Other considerations for the new year

Does a file exist that contains important documents and paperwork the executor may need to implement your estate planning wishes? Putting one together could be worth doing right away. Perhaps an attorney may keep the records in the client files.

Be aware that estate planning also takes illness and incapacity into consideration. Does a power of attorney designation, health care proxy or living will exist? Imagine if the new year brings a severe health emergency. Such documents could provide heirs with solutions during a stressful time.

The new year is often about taking advantage of newfound motivation. How about directing that motivation toward estate planning with an attorney? Family members may find such actions make things less challenging if anything unfortunate happens.