I Hope You Make this New Year’s Resolution…

Exercise more, eat healthier, save more money… these are among the most popular New Year’s resolutions.  All are admirable, but none are easy.

Here’s a relatively simple resolution I hope you’ll add to your list: Review your estate plan to make sure it is up to date.  Why?  An outdated plan may not be able to accomplish your goals and can actually be worse than having no plan at all.

Here are some questions to ask yourself:

  • Has your marital, financial, or medical situation changed significantly since your plan was created?
  • Are the people you chose to make financial and medical decisions on your behalf in the event of your incapacity still willing and able to do so? Are they still the people you wantto make these important decisions?
  • Have there been significant changes in the lives of your beneficiaries? Perhaps some of your loved ones have divorced and remarried, started a family of their own, or experienced other life changes that impact what you would like to leave them after you pass away.
  • If you have a trust, is it properly funded?

If your answer to any of these questions is yes, your plan may well need an update.

Of course, if you don’t have a plan at all, the new year is a great time to make one.

As always, I’m here to answer your questions and help any way I can.

Until next time, take care….