Start Your Year Right: An Essential Estate Planning Checklist for 2024
As the new year unfolds, it's the perfect time to reflect on your goals and priorities. Among these, ensuring the security and proper management of your estate should be at the top of your list. For both those who have an estate plan and those who have yet to create one, the start of 2024 is an opportune time to ensure your wishes are documented and up to date.
For Those with an Existing Estate Plan:
Review Your Will and Trusts: Life changes such as marriages, births, and deaths can impact your estate plan. Ensure your will and any trusts reflect your current wishes.
Update Beneficiary Designations: Check beneficiary designations on insurance policies, retirement accounts, and other financial instruments to ensure they align with your current intentions.
Assess Power of Attorney and Health Care Directives: Review your Power of Attorney and Health Care Directives. Make sure they accurately represent your current preferences and that the appointed individuals are still willing and able to serve.
Reevaluate Your Financial Inventory: Update the list of your assets, including digital assets, to ensure your estate plan covers all your current holdings.
Consider Tax Law Changes: Tax laws can significantly impact estate planning. Stay informed about any recent tax changes that might affect your estate plan.
Review Guardianship Decisions: If you have minor children, review your choices for their guardianship to ensure they remain appropriate.
Consult with Your Estate Planning Attorney: Laws and personal circumstances change. An annual review with your estate planning attorney can ensure your plan remains effective and compliant.
For Those Without an Estate Plan:
If you haven't yet crafted an estate plan, make it your 2024 resolution to do so. Estate planning is not just for the wealthy; it's a crucial step for everyone. An estate plan ensures that your assets are distributed according to your wishes, provides directions for your care if you become incapacitated, and can significantly ease the burden on your loved ones during a difficult time.
We’re Here to Help!
Estate planning can seem daunting, but it doesn't have to be. Our team of experienced estate planning attorneys is here to guide you through every step of the process. Whether you're updating an existing plan or starting from scratch, we'll help you craft a comprehensive plan that meets your unique needs and gives you peace of mind for the year ahead and beyond.
Contact us today to schedule your appointment, and let's make 2024 the year you secure your legacy and protect what matters most to you.