Are Estate Planning New Year's Resolutions The Best Way to Protect Your Family in 2019?
Have you taken the time lately to consider what your goals are for the New Year? Whether you are hoping to focus on your professional or personal growth, we encourage you to consider making preparations to protect your loved ones this upcoming year. We know that planning for a time when you are no longer here or have experienced an accident can take an emotional toll on you and your loved ones. Actively preparing, however, while you still have the opportunity to do so is one of the best ways to leave a legacy for your loved ones and help ensure they receive the protection they deserve in the event of a tragic event occurring. There are many effective ways to accomplish this, which is why we want to share with you a few resolutions you may consider making this New Year to help protect the ones you love the most.
1. Protect your legacy.
Creating your estate plan is one of the best ways to leave a legacy for your loved ones that you are proud of when you are no longer here. Through the careful creation of each planning document, your goals for your family members are memorialized and your interests are protected. Sharing these goals with your loved ones and painting them a picture of the legacy you wish to leave for them can help bring you closer together and also alleviate any worries or unease that may arise when discussing your estate plan.
2. Protect yourself.
One of the most fundamental components of an estate plan is creating protections for yourself in the event that a tragic accident or medical emergency occurs. As much as we would like to think we are invincible, in reality, accidents can happen at any time. By creating a living will, otherwise known as a healthcare directive, you can dictate your wishes for your future medical care. If you find yourself in a situation where you cannot make decisions on your own behalf, the provisions of the healthcare directive will take effect and healthcare professionals will follow those wishes.
3. Protect your minor children.
If you do not have any protections in place for your minor children, the New Year is the time to do so. Can you imagine what would happen to your minor children if you became incapacitated or passed away without leaving instructions for their care in an estate plan? This is why designating a guardian to care for your children if you are no longer here is so important. Further, if you would like to leave money for your children to access when they reach a certain age, we encourage you to consider setting up a trust on their behalf.
We know it can be challenging to plan for a time when you are no longer here. It is important, however, that you consider your planning needs and take steps to protect your loved ones this upcoming year. If you have questions or need advice, do not wait to contact our office to schedule a meeting so we can answer your planning related questions.