The start of a New Year is a great time to assess your priorities and set goals for specific areas in your life. For example, are you focusing on financial strategy and planning in 2022? Creating or re-evaluating your estate plan is not only important for 2022, but it’s an essential step for the future.
Here are a few state planning resolutions you might choose for this year:
1. Start as Soon as Possible
It’s easy to let estate planning fall to the bottom of your priority list. Instead of procrastinating, set a goal to get started with estate planning as soon as possible. Finish your estate plan in the first few months of the year. Then you can enjoy the summer and end of the year with the peace of mind to know that your affairs are in order.
2. Review Your Current Plan
Even if you already have an estate plan in place, it’s wise to revisit your plan occasionally. How long has it been since you looked through the documents? Set a goal to do a thorough review and update, ensuring your updated estate plan accounts for new assets, financial accounts, and different heirs/beneficiaries if needed. Evaluate existing life insurance policies, trusts, tax reimbursement clauses, power of attorney, and more.
3. Simplify Whenever Possible
Estate planning doesn’t have to be a complicated process. Make sure your estate plan is simple enough that you will be able to finish it in a reasonable timeframe. Minimize the number of accounts and trusts whenever possible. Not only will you reduce the administrative hassle, but a simple estate plan is also cheaper to administer.
4. Hire the Experts
If you are considering a DIY approach, it’s likely that costly mistakes will be made in the estate plan. Working with an experienced estate planning attorney is one of the best investments you can make to ensure a positive outcome for your assets and beneficiaries.
Miles & Hatcher, LLP is here to help! We offer personalized estate planning support from a team that understands the best strategies to protect your financial portfolio. For more information about available legal services, we invite you to book a free consultation with our estate planning pros: (909) 481-4080.