What is on your list of New Year’s Resolutions this year? Hitting the gym more? Learning a second language? Spending more time with loved ones? How about punching up your Estate Plan?
An Estate Plan is a legally-binding plan created with the help of an attorney that dictates what will happen to your remaining belongings, property, and money after you pass away. Estate Planning can be accomplished through a variety of methods, including Wills and Trusts.
Your Estate Plan is a reflection of your life, so it doesn’t just stay static forever – it changes and grows as you do too. As we move into a New Year, here are our 4 Estate Planning Resolutions to add to your list:
Focus On the Future
Estate Planning isn’t just about dividing up your bank account and vehicles. You can use your Estate Plan to name your preferred guardian for any minor-aged children. Your chosen guardian will then take care of them if anything unexpected happens to you. If you don’t include your choice in your Estate Plan, a Judge would choose for you. It isn’t just about children, either – you can set a guardian for yourself later in life.
Put Your Trust… in a Trust
Most people know about Wills, but Trusts are just as successful for Estate Planning. Many people have both. A Trust is a fund that is managed by a third party, who will pass it along to a recipient of your choice when you pass away. Unlike assets you place in a Will, anything you put into a Trust skips probate and is sent straight to your loved one. There are a wide variety of Trusts for a wide variety of purposes, including protecting loved ones with special needs, charities, and foreign citizens.
It’s Not Just Physical
Estate Planning can protect more than your physical possessions. When you are creating your Estate Plan, make space for your digital assets too. What will happen to every photo on your phone, the digital movies or video games you own, and all your Social Media accounts? A strong Estate Plan looks out for your virtual life as well.
Get Your Taxes in Order
Did you know that Estate Planning can help you pay less money in taxes? Why not cross two Resolutions off at once?
Get the Help You Need
Here’s the great thing about Estate Planning: it’s easier than you think. In fact, it’s easier than doing the Whole 30, keeping a journal, or learning French. To cross Estate Planning off of your To Do List, contact Solan, Park & Robello today! We believe in caring for your future.