The start of a new years is always a good time to take a good look at your estate planning documents. You should review these documents to make sure everything is planned according to your wishes.
Your goals and wishes for your estate planning can change over the years. Several personal reasons, such as the addition of a new child or grandchild, divorce, marriage, death or injury can affect your estate planning for the new year. When you review your estate planning documents, you should consider more than just the property you own and the assets you own, but you should also consider the people who those assets will be distributed among.
You may not want to consider planning for death at the beginning of the new year, but it is better to plan ahead or update your old estate planning documents before it is too late. You should make these documents, if you consider yourself to be youthful and even if you think that you do not have enough assets and property to leave a will. Everyone who has children, assets, and property of any type of value should have estate planning documents stored somewhere.
Creating your estate plan will give clear information to your family members on what you want to happen with your things. If a will is not left, all of your property could be passed over according to your state law. A will is of significant value and importance when a person needs someone to watch over their children and care for them until they are old enough to care for themselves. Sometimes these documents are put on hold because parents do not want to think about leaving their children to be cared for someone else.
It is unbearable for a parent to think about this, but it is necessary for your children to be cared for properly. If you do not have documents that outline what you want to happen to your children, the court can make decisions on who will care for their children, even if you have asked a friend or family member to step in.
People have different resolutions and goals for the new year, but have you considered making estate planning one of those goals? If you need assistance with your estate plans, contact us.