In less than 12 hours, we will turn our calendars to to January 2016. We will all celebrate a new year, and we will marvel in all of the possibilities that such a new year can bring. Promises will be made and resolutions will be kept (or broken). And in this regard, there are many financial resolutions that people will make. One of these resolutions should be estate planning, because no matter your age, an estate plan is crucial to your life (and the lives of your loved ones).
Estate plans are intricate collections of documents that dictate how your assets, debts and many other factors are handled when you pass away or become incapacitated. As important as estate plans are, many people are so focused on the end goal that they may forget (or simply skim over) the process of creating an estate plan.
The most important thing about creating an estate plan is ensuring that your plan is compliant with the law. The best way to ensure this happens is to consult with an experienced estate plan attorney. With an attorney by your side, you can put together the will, the power of attorney, a long-term care plan and many other aspects that are integral to the estate planning process.
No matter where you are at in life, make sure that you are considering (or have considered) an estate plan. If a new year’s resolution is what it takes, then make that promise to yourself so that you can rest easy about how your life will be handled when you get nearer to the end.
Source: The Sentinel, “Five tips for New Year’s financial resolutions,” Dec. 30, 2015