The end of the year and the start of a new one is a time for rest and reflection. How did your life change in the last year, and what do you want to do with it in the next one? When you’re looking back at all that has happened, it’s also a great time to review your Estate Plan.
An Estate Plan is a legally-binding plan created with the help of an attorney for what you want to happen to your remaining belongings, property, and money after you pass away. Since your Estate Plan is a reflection of your life, it should change as your life does too. At the end of the year, here are 4 Estate Planning questions you should be asking yourself:
Do I Have an Estate Plan?
If you don’t have an Estate Plan, it’s time to make one. After all, it isn’t just for the rich and famous. Estate Planning is for everyone, and it does a lot more than just explain your wishes for your assets. You can use your Estate Plan to help your loved ones avoid probate court. You can even elect guardians to take care of your children and yourself in emergency situations. If you haven’t made one already, there’s no time like the present.
Has Anything Changed in My Estate Plan?
Your Estate Plan is a reflection of your life – and lives tend to change often. When those major life changes happen, your Estate Plan doesn’t automatically update itself. If you’ve recently gotten divorced, welcomed a new child into your family, or simply moved to a new state, you need to update your Estate Plan as soon as possible. Even things like career changes or relationship shifts can make a huge difference and warrant an update.
How Thorough is My Estate Plan?
Most people with an Estate Plan have a Will. That may be all you want. However, you might not realize some of the other Estate Planning additions that are available. You can create a Living Will, outlining healthcare plans for yourself later in life or in case of emergencies. You can include digital assets in your Will. You can choose from dozens of different options for Trusts, protecting assets from probate and passing them directly on to your loved ones. Having a basic Estate Plan is a great start, and from there you can expand upwards.
How Do I Get Everything Sorted?
The end of the year is the best time to review your Estate Plan and make sure it matches your life and your wishes. After all, it’s your future and your family that it protects. When you are ready to work on your Estate Plan, contact Schlegel Livingston, LLC today! We help you through life’s most important moments.
Schlegel Livingston LLC
Latest posts by Schlegel Livingston LLC (see all)
- Surviving A Home Inspection As A Seller - April 16, 2024
