03 Jan Estate Planning Resolutions for the New Year
The new year is here. If you need a little help setting resolutions for 2019, consider the following estate planning goals for inspiration.
1. Create an estate plan or update your current plan
The first estate planning resolution you should add to your list for 2019 is to create a plan. From naming a legal guardian for your children to leaving instructions for medical emergencies, estate planning provides numerous benefits. You can reap these benefits with the creation of a few documents. If you already have an estate plan in place, the new year is the perfect time to review it. Sit down and consider any big life changes that have happened in the last year. Have you gotten married or divorced? Had children or a growth in assets? Has someone listed in your estate plan died? These are all important questions to ask so necessary updates can be made.
2. Add to your documents
Legacy planning was a buzz world in the estate planning industry in 2018 and for good reason. Many people want to have a lasting impact on their family. Legacy planning enables them to do that so future generations remember what mattered to those who’ve passed away. Adding documents, such as an ethical will, to your estate plan is an easy way to integrate legacy planning into estate planning.
3. Communicate with loved ones
It’s one thing to create estate planning documents. It’s another to talk to your loved ones about them. Death and finances are difficult topics to broach. Both happen to make up large components of the estate planning process. Open and honest communication with family members is important, however. Talking through your decision making process can prevent conflicts down the road when you’re gone. You’lll also be able to convey your expectations for passing assets and work through issues now. Make 2019 the year you establish open communication and transparency.
How can Boyum Law Firm help you?
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