The new year is a time when people want to make positive changes to their lives. One that isn’t thought of often but that should be is estate planning. Having your affairs in order when you pass away is one of the best things that you can do for your family members. Additionally, you will likely find that you feel more secure and at peace knowing that they are taken care of when you are gone.
There are many things to consider when you are planning your estate. For most of these, including your will, living will, powers of attorney, guardianship and revocable trusts, you need to think about what happens if you die now. These can all be changed in the future, so you can adjust them as the situation warrants.
Since you can’t change irrevocable trusts, you need to think about the long term for these. Once you establish this type of trust, it will remain in place forever. Even though these aren’t able to be changed or dissolved, there are some benefits that some estate planners appreciate. For example, there is a level of protection from creditors that might be beneficial to your heirs.
We know that this is a lot to think about. While it might seem overwhelming to come up with the plan, adjusting it as time goes on will be much easier. If you don’t have an estate plan in place, now is the best time to get one set. We can explain your options to you so that you can make an informed decision. Everything you decide related to your estate must be based on the plans you have for your family in the future.