The start of a new year is often associated with fresh goals and renewed focus on what matters most in the eyes of each individual. While many resolutions center on health or finances, it’s important to understand that resolving to get your estate plan in order can be one of the most meaningful decisions you make. Estate planning is not reserved for the wealthy or elderly. It is a practical step for anyone who wants clarity, control and certain kinds of legal and/or financial protection for the people they care about.
An estate plan provides direction when life takes unexpected turns. Without one, important decisions about medical care, finances and asset distribution may be left to the courts in the state where you reside, or default laws that do not reflect what you want for yourself or your assets. Taking time this year to create or update an estate plan can empower you to name trusted decision-makers and provide guidance related to what you want for yourself while you remain living, and your property when you pass away.
There’s no time like the present
One reason that people commonly delay the process of estate planning is the assumption that it can wait. However, as difficult as it can be to acknowledge this reality, nobody is guaranteed additional time on Earth.
Other times, people delay revising their plans, assuming that they’ll get “around to it” sometime before their estate plan becomes relevant documentation for their loved ones. Yet life changes quickly. Marriage, divorce, children, business growth, retirement or a move to a new state can all affect how an estate plan should function. Even plans created just a few years ago may no longer align with current goals or family dynamics. Making estate planning a resolution encourages timely review rather than last-minute decisions (or worse, decisions that are never formalized because an accident or sudden illness results in loss without a current plan in place).
Estate planning is also an opportunity to communicate values. Decisions about guardianship, charitable giving, business succession and/or long-term care reflect priorities that matter deeply. Putting these choices into a thoughtful plan can help to better ensure that your legacy is defined by intention rather than uncertainty.
This year, resolving to get your estate plan in order can be “about” taking proactive control of the future. An experienced estate planning legal team can help guide the process, explain options and tailor a plan to your unique circumstances. Starting now can provide peace of mind that may be well worth your effort.