Should estate planning be a New Year's resolution?
Just because Christmas is over, the holiday season is still going strong. This means that many families are getting ready to ring in the New Year. This time of celebration is supposed to be a happy time and an opportunity to make resolutions for the year to come.
One important resolution should be to formulate (or to reassess) one’s estate plan. But during a time of celebration, it may not be easy to plan for one’s death or incapacitation. Nevertheless, taking time to deal with your estate plan can be beneficial. This post will identify three reasons why.
Puts loved ones at ease – Depending on your age and stage of life, you can help loved ones breathe a little easier by creating an estate plan. Remember, an estate plan is more than just creating a will, it also includes developing trusts, making guardianship agreements and helping to avoid probate proceedings.
Maintain a sense of privacy – The other benefit of avoiding probate proceedings, and the emotional strife that comes with battling in court, is that you can maintain some sense of privacy by crafting an estate plan. After all, in the probate process, your information could be public record.
Save money – The old adage of “a dollar saved is like two dollars earned” applies here. There may be much more money spent in the throes of a probate dispute than may be spent crafting a clear and effective estate plan.
Regardless of whether you see estate planning as a New Year’s resolution, an experienced attorney can answer your questions.