It’s a New Year, and people are full of a fresh determination to live life and achieve long-held goals. This time of the year has to be the worst time to contemplate and plan for your ultimate demise, right? Wrong! The beginning of the New Year is the ideal time to create and manage your estate plan, here are a couple reasons why this is true:
New Year Motivation
At what other time of year are you more motivated and focused on creating order in your life? The beginning of the year and its associated resolution making can be a powerful form of focus. Before you know it, time slips by, and it’s June. So before the cadence of your everyday life starts to monopolize your time, set aside a period to take stock and plan your estate. Most of the heavy lifting in estate planning comes at the beginning of the process. Once a plan is in place, it’s easy to modify over time to meet your changing goals.
Unlike New Year’s resolutions to lose weight, creating (or updating) your estate plan is one goal that can rapidly produce a result. Most notably are the feelings of relief and accomplishment that manifest from having a plan, holding it in your hand, and being very clear about your next steps.
Accessible Financial Information
With tax time around the corner, you’re likely pulling together all your financial data and reviewing the current state of your finances. Instead of putting all of that information away in a box, take advantage of the easy accessibility of the information and sit down with your estate-planning attorney to begin your plan. It sure beats having to search for all of the information later (or worse, not at all).
Though no one can predict what changes any administration will try to make during their term, one thing is pretty certain…change is inevitable. Having a plan in place as changes occur makes it easier and faster to adjust when shifts happen.
We know that few people are excited to jump into estate planning. Yet, you should be eager to ensure your family and loved ones carry out your wishes and are well cared for when you are gone. If you were to become incapacitated or pass away without first creating a proper estate plan, those you leave behind could face complex court proceedings to defend your wishes and their well-being.
The attorneys at Askin & Hooker have decades of experience assisting families to build customized estate and tax plans. Our Wills, Trusts, and Estates practices skillfully handle Asset Protection Strategies, Medicaid Planning, Living Wills, Power of Attorney, Family Trusts & Special Needs Trusts. Call us today for your initial estate plan consultation at (973) 729-7711.