New Year’s resolutions are a funny thing. Folks set them believing they will bring positive change only to have them turn into a source of anxiety and self-doubt when they fall through weeks later. Just 8% of people deliver on their New Year’s resolution which says more about the practice than about peoples’ resolve. A new year’s resolution is no help if it does not happen and so perhaps instead of trying (again) to cut out dessert or get to the gym before work, this year resolve to do something realistic: plan your estate.
Among unique New Year’s resolutions, estate planning may not be the most exciting but it is no doubt among the most useful. When you plan your estate you not only secure your health and finances now and for the rest of your life but you secure a legacy that will follow you into the afterlife, too.
Estate planning is often imagined as an arduous and complex process and yet with the help of an experienced estate planning attorney, this is hardly true. Executing the estate planning documents that ensure your and your loved ones’ well-being requires careful thought, sure, but the mechanics are straightforward. The hard part is simply getting started.
Estate Planning in Three Steps
- List All Property, Financial Assets, and Items of Value
One of estate planning’s principal goals is to ensure your assets are distributed according to your wishes when you pass. This cannot happen if you do not know what your assets are, though. Before you speak to your family or begin executing your estate planning documents, you need to inventory your life. List all real estate, vehicles, and artwork you may own. Make note of financial accounts and the information your loved ones may need to access them. If you own digital assets or cryptocurrencies, include these, too. Likewise, account for social media profiles you may wish to preserve and any other items of sentimental value.
- Talk to Your Loved Ones
Estate planning is all about caring for your family and a part of this is letting them in on the process. This means choosing an appropriate time and place to sit everyone down for a conversation about your end-of-life wishes and goals (the holidays are often opportune). When having this chat, it is also important to determine who will serve as executor of your estate, who will act as financial power of attorney, and who will act as medical power of attorney.
- Reach Out to an Experienced Estate Planning Attorney
It is difficult to talk to your family about your estate plan if you do not fully understand the process. What is more, it can be hard to determine when and how to broach the subject. An experienced estate planning attorney will assist with both of these hurdles. Not only will they explain the different estate planning documents and roles, but they will also share strategies that have helped hundreds of other families navigate this challenging subject. In addition, a good attorney will ask the many questions you may be overlooking which ensure your plan meets your family’s unique needs.
What is a New Year’s resolution if not an act that brings real value to your life? This year be different and plan your estate. Not only will you gain the satisfaction of accomplishing a goal, but you and your family will benefit from your action for years (even generations) to come.
To learn more do not hesitate to contact the Polaris Law Group either by calling 636-757-3850 or using the contact form on our webpage.
