While you can review your Estate Plan at any time, it feels natural to do so at the end of the year. The New Year already feels like a perfect time for reflection and evaluating the state of everything in your life. Since your Estate Plan is a reflection of your relationships, career, family, and life circumstances, it makes sense to see opportunities for it to change as the rest of your life does.
When you take the time to review your Estate Plan this year, pay attention to what major changes have happened in your life. When you review your Estate Plan, here are 4 questions to ask yourself:
Do You Have an Estate Plan?
The first question is simply checking what you already have. If you wrote some wishes on the back of a napkin once, you don’t have a legally valid Estate Plan. If you don’t have an Estate Plan, there’s no better time to make one than the present! After all, Estate Planning is for everyone. It can help protect your family from the stress of probate court. You can even use it to elect guardians for your children (or your future self) in the event of an emergency.
Is Your Estate Plan Up To Date?
Your Estate Plan does not update automatically. If you are recently divorced, your ex-spouse will not be removed from your Estate Plan until you do so yourself. It’s also important to update your Estate Plan whenever you welcome a new child to your family, marry someone, or even move states. Keeping your Estate Plan up to date is essential to protecting your loved ones.
Do You Want To Expand Your Estate Plan?
There’s a lot more to Estate Planning than just making a Will. Estate Planning, in fact, can be as simple or complicated as you want it to be. You can make a Healthcare Directive, preparing yourself for healthcare decisions later in life. You can make one (or several) of dozens of options of Trusts, ranging from giving to charity or a loved one with special needs to improving your tax returns or protecting your blended family. Assets held in a Trust also pass immediately on to your loved ones without entering probate, unlike everything else in your Will. Does your Estate Plan have room to grow?
Are You Ready To Get Started?
The end of the year is the perfect time to review your Estate Plan and assess where it’s at. When you’re ready to make some changes and create the perfect Estate Plan, contact Solan, Park & Robello today! We bridge your present to your future.
Solan, Park & Robello
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