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Estate Planning Resolutions


Estate Planning Resolutions: Fun and Informative Estate Planning Goals for the New Year


As we start the new year, why not kick things off with a resolution that goes beyond the usual suspects like hitting the gym or learning a new skill? Let's dive into the realm of estate planning – not the most glamorous topic, but a crucial one that can spare your loved ones unnecessary headaches down the road.


1. Craft Your Personalized Blueprint:

Think of drafting a will and/or trust as your way of creating a roadmap for your assets. Take the opportunity to spell out your wishes, ensuring your assets and belongings find their rightful home when the time comes.

 

2. Empower Your Financial Sidekick:

Grant someone the authority to act on your behalf with a power of attorney. It's like having a reliable person ready to step in and handle important handle financial or medical matters when you're unable to. Consider it your financial and medical safety net.


3. Share the Wealth with Charitable Giving:

Turn your estate plan into a heartwarming story by incorporating charitable giving. Designate a portion of your assets to a cause close to your heart, leaving a positive impact that extends beyond your lifetime.


4. Solve the Mystery of Life Insurance:

Life insurance might seem like a complex puzzle, but it's a critical piece of the estate planning puzzle. Ensure your loved ones are financially secure by reviewing and updating your life insurance policy.


5. Create a Time Capsule of Memories:

Your estate is more than just assets; it's a collection of memories. Consider leaving behind a digital time capsule or a heartfelt letter to your loved ones. It's a personal touch that transforms your estate plan into a touching tribute to your life.


6. Organize Digital Passwords and Assets:

Estate planning also needs to focus on digital assets. You don’t want to leave behind a chaotic abyss of unorganized files and forgotten passwords. Organizing your digital assets and passwords is the modern-day map you leave behind for your family. It ensures a smoother transition for your loved ones, sparing them from the frustration of deciphering your digital legacy. It is also a good idea to update contact information for your attorney, accountant, financial advisor, and others to assist your loved ones when needed.


7. Review and Update Your Existing Estate Plan:

If you already have an estate plan in place, the new year is a good time to take a minute and review if it still fits your desires and plans.  Life is dynamic, marked by changes in family dynamics, financial situations, and legal landscapes. Regularly revisiting your estate plan ensures that it aligns with your current circumstances and objectives. Major life events such as marriages, births, or changes in health can necessitate adjustments to beneficiaries, guardianship arrangements, and asset distribution. A proactive approach to reviewing your estate plan not only safeguards your wishes but also provides peace of mind, allowing you to adapt to life's inevitable changes and secure the well-being of your loved ones in the most thoughtful and comprehensive manner.

In conclusion, let's make estate planning a priority in the coming year. With wills, trusts, powers of attorney, charitable giving, life insurance, and a touch of personalization, you'll not only safeguard your legacy but also add a touch of excitement to the often overlooked world of estate planning. Here’s to a happy and prosperous 2024. 


This article is not intended to replace legal advice applicable to your situation and should be used only for informational purposes.  Consult with your legal or tax advisors before implementing any suggestion contained herein.  Ms. Soyer is a shareholder with the firm of Sandra L. Clapp & Associates, P.A. and can be reached at ksoyer@clapp-legal.com or (208) 938-2660.

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