You’ve got plenty to do this time of year. Buy presents. Get a turkey. Decorate the house.
But there’s one more thing that you should add to the list – update your estate plan.
Your estate plan needs to change as often as your life changes, says an article on savannahnow.com.
Maybe there is a new member of your family at the holiday table this year. Or maybe one has gone.
If you haven’t made an estate plan, you ought to do it now. If you have assets, you need to know to whom you’d like to give those assets.
An easy way to start is to call an estate planning attorney. If you already have an existing plan and it has not been reviewed in the last couple of years, it should be reviewed and updated. Your situation may only need a simple Will or you may need something more sophisticated. You may want to set aside assets to minor children, minimize estate taxes or structure different distributions.
Wills, remember, are subject to probate. Trusts do not.
Revocable living trusts can provide for a surviving spouse, protect children’s inheritances from creditors, give loved ones an incentive to do things that are worthwhile and protect a children from losing an inheritance in a divorce or a lawsuit.
You should also make sure you have a comprehensive plan that includes a durable power of attorney, a health care directive, a medical authorization and other necessary ancillary planning documents to protect you during incapacity. Call us now so we can help you to cross off one of your items on the “To Do” list.