You made it through a new year, you’ve made some great memories and got some bumps and bruises along the way, but now is the time of the year we collectively hit the “reset button”. It’s a time to reassess your life, your habits, your wants, your needs, and your goals. That’s where the classic resolution list takes form.
Often, your resolution list is a shift in focus on your health, or maybe it’s more about being mindful of your money or keeping stress in check. Whatever is actually on your list, there’s something you can do today with a little bit of effort that will pay off in a big way.
Yes, thinking about what happens to your estate, everything you’ve worked for, once you’re gone, it will all be decided either exactly as you arranged or however someone else, such as a judge, decides. We realize this isn’t an exciting topic. However, planning for your estate by preparing a Will or a Trust certainly will instill confidence in you and your loved ones that you have planned for them.
You’ll Be Confident That Your Hard-Earned Wealth Is Distributed Where You Want It To Go. As much as we would like to think we can guarantee tomorrow, we can’t. It’s important to consider what would happen in the event of an unexpected illness, sudden disability, or death.
If you don’t prepare a Will or Trust to plan for the distribution of your assets and/or personal property, your estate may be distributed through a court probate process. This leaves decisions about your estate in the hands of someone other than you. Probate can be a lengthy and sometimes even costly process. In the end, the likelihood that your assets and personal property will be distributed as you would have desired is unlikely.
Plan and design your estate plan so you have confidence in your estate plan, and leave your loved ones knowing you have made your wishes known to make sure they are taken care of after your passing.
Ensure Your Family and Loved Ones Are Protected. Is There Any Greater Peace of Mind? This is your opportunity to take control and make things manageable so your family won’t have to sit down and hash it out while taking care of you during a serious illness or grieving your passing.
Your Will and Power of Attorney (POA) are two documents that are important to have completed, notarized, and should be easy to locate for your family in the event of your serious illness or death.
Your Will designates your wishes for the distribution of your personal property, while a POA will give the person you designate the authority to access accounts and sign legal documents on your behalf while you are alive. These documents should be completed and easy to access in the event you become ill or impaired and no longer able to communicate, understand, or sign the documents.
In the event you are incapacitated, you would still be serving your family by having an estate plan in place. With emotions on high, it will already be a stressful situation managing health care decisions or funeral arrangements, while also handling your estate. With an estate plan in place, your plans for the allocation of your estate will be considered just as you wished, and your family can focus on honoring your memory—and grieving your loss.
You may find that thinking about these things is a little uncomfortable, but this is an important part of life and for the future of your family and the legacy you leave for them. Think of it as a way you can continue to serve your family even when you are not around—an extension of you, your legacy, and your love for them.
We hope you’ve been inspired to add estate planning this year to your list of things to do, and we will be here to help you when you are ready to cross it off your “things to do” list!
"*" indicates required fields