Now that we’re more than a week into 2014, it is time to revisit any New Year’s resolutions you may have made. Before the ball dropped on December 31st, did you resolve to finally attend to estate planning in the coming year? If so, the unusually cold winter we’re having so far should be plenty of inspiration to stay indoors and get down to business.
No matter what your age, January is also a good time to think about estate planning because it is a reminder that our time is limited, and each new year we celebrate is a gift. In light of this, we need to know that our loved ones will be cared for no matter what the future holds.
In a recent news article, the author notes that estate planning is important for everyone, not just people with a lot of money or possessions. In addition to a will, a good estate plan will include other essential documents outlining contingencies for medical emergencies and end-of-life care.
Documents that everyone should have in their estate plan include:
- A will and/or trust
- Durable power of attorney
- Advance healthcare directive
- Healthcare proxy/surrogate
If you have been meaning to start estate planning but have not done so, there’s no time like the present. After all, 2014 has just started and beautiful weather is still several months away. So why not check one resolution off your list? If you have questions or are ready to get started, please contact an experienced estate planning attorney.
Source: TC Palm, "Estate planning is important, regardless of the size of your estate," Robert Schwartz, Jan. 8, 2014