The best New Year’s resolution for 2021 is one that will benefit and protect your family and loved ones. If you have not done it yet, make 2021 the year that you review your estate plan.
Being prepared for the unexpected can help everyone during a time of stress and emotion. The below checklist can get you started.
A 2021 New Year’s Resolution Checklist
1. Organize Your Information
Identify any recent life events that could impact your estate plan, such as marriage or divorce, children or other dependents, retiring now or in the near future, purchasing a home or other major asset, changes in debts, or adjustments to investments.
2. Protect Your Home
Determine if your home should be protected by a Homestead, Life Estate, and/or Trust.
3, Review Your Beneficiaries
Ensure beneficiary designations are up to date and properly defined on all accounts and property. Examine your retirement accounts and insurance policies.
4. Update Your Will
Create or update your Last Will and Testament if needed. Determine if changes are needed to identify a trustee or personal representative. Review your beneficiaries and your wishes for distribution of assets.
5. Protect Your Assets
Determine if a trust would protect your investments, allowing more of your estate to be distributed to your beneficiaries. A trust can also help bypass the probate process, allowing for an earlier distribution of your estate and a simpler process to accomplish it.
6. Establish Powers of Attorney
By establishing Durable Powers of Attorney, you can allow a trusted individual to act on your behalf should you become incapacitate or unable to do so. Powers of Attorney can be created for each adult in your family.
7. Identify Your Health Care Wishes
If you are unable to make your own health care decisions due to an illness, a completed Health Care Proxy, Medical Directives, and/or Living Will helps to guide your family and allows a loved one to make decisions for you.
For additional information on any of these topics, explore Estate Planning.
Schedule a Free Consultation
We would be pleased to work with you and your family in whatever capacity you need to meet these New Year Resolutions. Our experienced estate planning attorneys can help ensure your plan meets your wishes.
We offer an initial free consultation. To schedule, call our office, send an email or complete our online form.
Baker Law Group P.C.
Hingham – Brockton – Holliston – Plymouth