Content courtesy of attorney Rod Hatley, https://hatleylawgroup.com/, (858) 465-8001
As we head towards the start of a new year, we are all presented with the perfect opportunity to reflect, reset, and plan ahead. Just as many people make financial or health-related resolutions, updating and strengthening your estate plan can provide peace of mind for you and your loved ones. Here are five smart estate planning resolutions to consider this year:
1. Review and Update Your Will
Life changes - marriage, divorce, new children, or grandchildren - can make your will outdated. Resolve to review your will and make updates to reflect your current family and wishes.
2. Reassess Beneficiary Designations
Beneficiary designations on retirement accounts, life insurance policies, and investment accounts override your will. Ensure they’re up to date and match your current intentions.
3. Check Powers of Attorney and Healthcare Directives
Update financial and medical powers of attorney, as well as advance healthcare directives. Make sure the people you’ve appointed are still willing and able to act on your behalf.
4. Consider Trusts or Other Asset Protection Strategies
Evaluate whether trusts, life insurance trusts, or charitable giving strategies could better protect your assets and support your heirs. This can reduce taxes and provide more control over how assets are used.
5. Communicate Your Plan With Your Family
A well-documented estate plan is only effective if your loved ones understand it. Resolve to discuss your wishes openly, share key documents, and reduce confusion or conflict in the future.