Why New Year's is Perfect Time for a New Estate Plan
New Year - New Estate Plan
Every new year brings a great opportunity to start new projects and habits. You can do it! It all starts with a resolution. A lot of people think that New Year's resolutions are only about changing your lifestyle, but did you know that this is also the perfect moment for estate planning?
You need to plan your last will or revocable trust before you die! And the beginning of the new year is just what you need to get started on this task. It is never too early and it is not too late. Let's see why:
2022 Estate Planning
Getting ready for 2022: New Estate Plan Should be in your future!
There is no doubt that we all want our wishes to be put in action. Nowadays, less than 45% of Americans have some sort of estate plan, and that is frightening.
Upper-income people are considerably more likely than lower-income individuals to have a will.
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Americans aged 65 and older are the most likely subgroup to have a will, with roughly three-quarters of those respondents reporting they do in a recent poll. The younger the age group, the less likely they are to have a will, with just 20% of people under the age of 30 having one.
There are significant gaps in terms of education and race. More college graduates and White Americans than non-White Americans believe they have a will, according to the poll.
According to the findings, as people get older, they become aware that having an estate plan is important. So, they are investing the time and energy to do it correctly with an estate planning attorney.
It's critical for younger individuals to have wills, especially if they have children, since it ensures that the individuals chosen as guardians in the event of their death will be ready.
Why you need a Plan
Planning your Estate is a very important step for you and your family. By making sure that everything is planned out, you are protecting your family's happiness. Everything must be planned to avoid unforeseen costs both financially and emotionally.
In the case of unmarried individuals, things can get a bit complicated if you die without a will or trust. This is because your assets might be distributed in a way that you didn't want and your family members might have to go through probate court proceedings that lead to unnecessary costs and stress.
Protect yourself and your family by making sure that every step of the Estate Plan is in place.
By doing so, you are taking an important step in securing your future. Also, you are demonstrating to your loved ones that you care about them and want what is best for them after your death.
As a reminder, if you have not already done so, schedule an appointment with your estate planning attorney to review planning documents such as wills, trusts, powers of attorney and advance directives for health care. This should be done on an annual basis to keep your entire plan up to date.
You need to avoid this situation by starting an estate plan. It doesn't matter if you haven't gotten married yet! Let's take a closer look at why New Year's resolutions are perfect timing for this task:
1) January and February: The first two months of the year are a great time to start the process. If you tend to be busy and stressed during this period, and your free time is limited - use it wisely!
2) A Comprehensive Plan: Planning for your Estate is about more than just a will. You need to ensure that you have a complete in place. This should include the creation of a Living Trust and an Advance Directive for Health Care, as well as Powers of Attorney and Health Care Proxies for financial and medical matters. These documents protect the people who matter most and allow them to carry out your wishes after death or incapacity.
4) Reduce Costs: The whole probate process takes time, effort and money to be completed properly. Avoid these high costs to your estate and family by making a plan now.
A new year starts with brand new resolutions... Make sure yours includes Estate Planning !
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Cortes Law Firm
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Oklahoma City, OK, 73118
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This article is for informational purposes only and is NOT legal advise. If you have a legal issue, then speak with an attorney in your jurisdiction.