The new year is an exciting time that is often associated with fresh starts and new beginnings. Many people make resolutions for the new year to give themselves a goal they may have been putting off to finally get started on. Creating an estate plan is a fantastic way to kick off the new year that can ensure you and your loved ones are taken care of.
Over the course of the last few years, numerous individuals have come to realize the uncertainty of the future and how drastically things can change in an instant. During unprecedented times, it is always good to make sure your estate is in order and properly managed in case the worst were to happen. If you are thinking about starting an estate plan for the new year, get in touch with a Rockland County wills, trusts & estates attorney at The Lauterbach Law Firm for more information about your next steps in the estate planning process.
What are the advantages of creating an estate plan for the new year?
It cannot be emphasized more so that the greatest advantage of creating an estate plan for the new year is that you still have time on your side. This does not necessarily only apply to starting an estate plan, it can also be applicable to those who wish to adjust their existing will or trust. This may mean sitting down and having a conversation with a loved one about possibly being the personal representative (executor) of your estate after you pass away, or adding more beneficiaries to your estate. Do not forget, often when the holidays come around, big announcements come along with them. Perhaps a relative is officially getting engaged, or a new member of the family will be due in a few months. Regardless of the situation, having the time to be able to create or make changes to an estate plan is a major benefit that should not be taken for granted.
It is also important to keep in mind that while ensuring your assets end up with the recipients of your choosing is a core component of estate planning, it is not the only thing you should be prepared for. If you were to fall under unfortunate circumstances that would result in you being medically unresponsive, having specific instructions in place regarding any medical decisions you would want to be carried out if you were in that state is very important. Otherwise, your loved ones might be in an uncomfortable position where they would have to guess what you would want in that scenario. Enlisting the services of an experienced estate planning attorney is perhaps the best way to avoid any complications in the estate planning process that may arise.