The end of the year is a period of rest and reflection. Most people take some time to evaluate how they felt about the last twelve months and what they hope to accomplish in the next year. As you examine your relationships, career, and financial situation, it’s a great time to review something that is determined by all three of those factors: your Estate Plan.
An Estate Plan is a legally-binding plan made with an attorney for what will happen to your belongings and property (known as your estate) and your remaining money (known as your assets) after you pass away. Estate Planning can be accomplished through Wills, Trusts, and any number of combinations of other methods.
Whether you’ve had an Estate Plan in place for fifty years or are just starting to think about making one, the New Year is the best time to assess where you’re at. Here are our 3 reasons to review your Estate Plan right now:
Make Sure You Have One
If you don’t have an Estate Plan, it’s time to make one! They aren’t just for the ultra-wealthy. Estate Plans can accomplish much more than what you might think, including protecting your loved ones from going through probate court. You can even elect guardians for your children in case anything happens to you. Estate Planning helps protect your family and your future, no matter what tax bracket you fall into.
Keep It Updated
Your Estate Plan is a reflection of your life. As your life changes, your Estate Plan should too. Did you experience any significant life events since you last reviewed your estate plan? Divorces, marriage, births, deaths of loved ones, or the emergence of special needs assistance–all these occurrences may result in the need for an update to your planning.
Cover Your Bases
There’s more to Estate Planning than just writing a Will. You can place your assets into a Trust, where they are protected from probate and pass automatically onto your loved ones. You can create a Living Will and Healthcare Directive, which help plan for your own future later in life and in case of emergencies. Speak to your attorney about which Estate Planning options are right for you.
Where To Start
Are you ready to adjust some things in your Estate Plan, or create a new one from scratch? There’s no time like the New Year. Contact Zamora, Hillman & Villavicencio today to get started on your Estate Planning journey! We help you navigate uncharted waters.
Zamora, Hillman & Villavicencio
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