Estate Planning:

Getting close to the end of the year, it’s time to set some new processes. Here’s a crucial process for you and your family’s future: getting your estate plan in order. Trust me, it’s not the most exciting topic, but it is one of the most important things you can do.

Even if you’re single or don’t have many assets, this is especially essential. Let’s dive into why estate planning should be a priority.

Step 1: Write or Update Your Will or Trust

Never assume people will magically follow your wishes after you’re gone. Put your wishes in writing. If you already have a will or trust, make sure to review and update it regularly. Aim to update it once a year. Depending on your situation, you may need a simple kit or even hire a lawyer. Skimping in this area could lead to lengthy and costly legal battles, so avoid that at all costs.

Step 2: Create an Advanced Directive

Also known as a living will and a power of attorney, having an advanced directive is essential. Estate planning isn’t just about what happens when you pass away; it’s also important to have a plan in place in case you become incapacitated. Designate someone you trust to handle your healthcare and financial decisions to ensure your wishes will be carried out.

Step 3: Update All of Your Beneficiaries

Check your bank accounts, insurance policies, retirement plans, and pensions to ensure you have designated beneficiaries in place and that they are up to date. Life changes, and so should your beneficiary designations. Keeping these current is crucial.

Step 4: Organize Your Documents and Passwords

Organizing your important documents and passwords yearly may sound tedious, but it is definitely a gamechanger. Letting someone know where to find all this information can save everyone a lot of headaches once you’re gone. For example, when my father left us a letter with all of his assets, accounts, and passwords, it made a huge difference during an already emotional time.

Estate planning may not be exciting, but it’s one of the most valuable things you can do for your loved ones. Consider it a gift. This New Year, make it your resolution to protect your family’s future. Taking action now means creating generational wealth for those you care about. Let’s start this year off right!

If you need assistance with locating an estate attorney or help with closing out an estate, check out National Probate Services News. Don’t forget to hit the like button and subscribe to our channel for more helpful tips. Thanks for reading!