4 Reasons Why The Beginning of the Year is the Best Time to Put Together an Estate Plan
The new year comes with an abundance of resolutions and intentions. However, something that should be at the top of your list when it comes to planning for the new year is finally putting together an estate plan that you may have been putting off. An estate plan is a set of legal documents that outlines how you want your assets to be managed and distributed after your death.
It is important to have an estate plan in place because it allows you to control what happens to your assets, make sure that your loved ones are provided for, and minimize the amount of taxes and legal fees that may be incurred. There are several key elements to consider when putting together an estate plan:
1. Will: A will is a legal document that specifies how you want your assets to be distributed after your death. You can also use your will to appoint a guardian for any minor children and name an executor to manage the distribution of your assets.
2. Trust: A trust is a legal arrangement in which a person (the trustee) holds and manages property for the benefit of another person (the beneficiary). There are several types of trusts, including living trusts, testamentary trusts, and revocable trusts.
3. Power of attorney: A power of attorney is a legal document that gives someone the authority to make decisions on your behalf if you become incapacitated. There are two types of power of attorney: durable and springing.
4. Advance healthcare directive: An advance healthcare directive, also known as a living will, is a legal document that outlines your wishes for medical treatment if you become incapacitated.
It is important to consult with an attorney when putting together an estate plan to ensure that your documents are legally valid and accurately reflect your wishes.
Why The Beginning of the Year is an Ideal Time to Put Together an Estate Plan
There are several reasons why the beginning of the year is a good time to put together an estate plan:
1. New Year’s resolutions: Many people make resolutions at the beginning of the year and creating an estate plan can be a great way to start the year off on the right foot.
2. Tax planning: The beginning of the year is a good time to review your financial situation and make any necessary changes to your estate plan to minimize taxes.
3. Life changes: If you have experienced any significant life changes, such as getting married, having a child, or buying a new home, the beginning of the year is a good time to update your estate plan to reflect these changes.
4. Time to think: The beginning of the year is a good time to take a step back and think about your long-term goals and how your estate plan can help you achieve them.
Overall, creating an estate plan is an important step in ensuring that your assets are managed and distributed according to your wishes after your death. By taking the time to put together an estate plan at the beginning of the year, you can ensure that your affairs are in order and that your loved ones are provided for.
Create Your Estate Plan Today
When you’re ready to take steps toward building your estate plan, our team of expert estate planning attorneys are here to assist you. We understand the unique needs of each one of our clients and provide you with the guidance and insight to assist you throughout this process. Get in touch today to book your appointment! Call our office at 321-804-2915 or fill out our contact form and we will be in touch to schedule a meeting.