Each New Year presents us all with opportunities to take a moment and look at areas of our lives that we can improve upon. New Years’ Resolutions give us hope that the person we are on December 31, 2023, is better than the person we are today.
Of course, most resolutions focus on improving ourselves. But, what if we added some resolutions to this list that bring us peace of mind while planning for the future? Estate Planning should be a priority for you in 2023, especially if you don’t have a plan in place yet. Let’s work together on some Estate Planning resolutions that can make this the year of getting your affairs in order.
Establish Your Estate Plan
First and foremost, you need to actually have a plan. A lot of younger people think they don’t need an Estate Plan because they’ve got decades before it’s time to worry about death or incapacity planning. If the pandemic had taught us anything, though, it’s that we don’t always get to dictate where life takes us.
Regardless of your age, all adults should have an estate plan in place. Your Estate Plan should include how and to whom your assets will be distributed if you pass away, who you wish to care for your children if you are no longer able to do so because of death or disability, and who you trust to take care of your financial assets if you’re unable to do so yourself.
Update Your Plan
If you already have an Estate Plan, the New Year could be a great time to sit down and look over your plan. As a general rule, your Estate Plan should be reviewed and updated every three to five years. This is just a baseline, however. Reviewing and updating your plan when there has been a significant life event is important.
Life events that impact your Estate Plan include:
- Birth, death, marriage, or divorce in the family
- Notable financial or asset changes (buying a home, selling a home, a windfall of new money, losing your job, etc.)
- Relocation to a new state
- Changes to estate planning laws
If you’re unsure whether or not an event needs to be reflected in your plan, your best bet is to contact an Estate Planning Attorney to review your documents.
Review Your Beneficiaries and Executor(s)
It is also important to review your chosen beneficiaries and the executor(s) of your Estate. Does your plan still accomplish your goals? Are those people that you have nominated to assist you and your estate still available to do so? Do you still believe that they are willing and able?
Work with a South Carolina Estate Planning Attorney
The best way to make sure your Estate Plan is accomplishing your goals this year is to talk with a South Carolina Estate Planning Attorney. Charleston Estate Planning Law Firm helps individuals and families plan for the future. Contact us today and get your plan in the right place to start 2023.
Charleston Estate Planning Law Firm
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