Surveys revealed the top New Year’s resolutions for 2022 included exercising more, losing weight, saving more money, improving diet plans, and pursuing a new career goal. Did you notice a common theme with all of those resolutions?
Most of them center around bettering our own, not our family’s, well-being.
If you’re hoping to make a New Year’s resolution that will benefit your loved ones this year, consider incorporating estate planning into your resolution goals. Even if you don’t think you have a lot of assets, it’s still important to have a plan in place to make things easier for your loved ones. Estate planning can also help you skip the probate process and minimize the amount of taxes that your beneficiaries may have to pay on your estate.
So, don’t hesitate – start estate planning today and make it a part of your New Year’s resolution for 2023. An experienced New York estate planning attorney can help you get started and guide you through the process to ensure that your wishes are legally binding and your loved ones are taken care of. Read on to learn how to make estate planning your 2023 New Year’s resolution.
1. Resolve to Make a List of Your Valuables and Assets
When was the last time you made a list of all your valuables and assets? How long has it been since you took a hard look at the debts you owe and the value of your property?
In 2023, resolve to create a list of your valuables, assets, and liabilities. Consider getting each item appraised so you have a clear idea of what everything is worth. This crucial first step will make all your future estate planning much easier.
2. Make it a Priority to Research Your Options
When considering your final plans, many people assume all they need to do is verbalize their wishes to their loved ones. While it can be difficult to talk about death, sadly, just saying what you want is not enough. A verbal arrangement is not legally binding and it’s hard to uphold. All it takes is one unhappy relative to send your estate to court and your assets to relatives you didn’t intend.
To avoid this, research your estate planning options. Creating a will is a good idea because it lists your wishes in a legally binding document. Trusts are also a very effective means to disperse your assets, property, and money, although they can be more complicated.
Make sure to add ‘research’ to your New Year’s resolution for 2023. Do your research and you’ll be in a much better position to protect your loved ones going into the new year.
3. Consider Your Wants and Needs
Once you know your options, you need to consider your end-of-life wants and needs. How do you want your will or trust plans to work? What would your dependents need to remain secure if you suddenly passed?
Take some time out to really think about these topics, and then jot down your priorities.
4. Talk to Your Loved Ones
As you go through this process, you may realize that you need some input from your loved ones. Don’t be afraid to broach these difficult topics with them before you finalize your plans. Consider what they would need and what they’d want in the event you passed on. Listen to their concerns.
If you intend to name one person as a trustee or person in charge of your estate, it’s crucial to discuss it with that person. Make sure they understand and accept the responsibilities associated with the role of trustee. You also need to make sure they’d be comfortable with managing potential conflict.
5. Commit to Speaking With an Estate Attorney in 2023
Finally, commit to speaking with an attorney in 2023. A good estate attorney will help you formalize and legalize all your final wishes. They’ll help ensure that your wishes are well-known and legally binding before you pass, which will also give both you and your loved ones a greater peace of mind.
Estate Planning Goals
One essential estate planning goal is to prepare for the unexpected, regardless of age. Starting early can ensure that your wishes are documented, and that your loved ones are cared for in the event of an accident or tragedy.
Protecting your assets is another crucial aspect of estate planning. With a comprehensive plan in place, you can ensure that your valuable possessions are managed and distributed according to your preferences while avoiding the costly and time-consuming probate process. Additionally, estate planning can help you minimize estate taxes and protect your wealth for future generations.
Safeguarding your beneficiaries is also an essential goal of estate planning. By establishing a plan, you can protect your loved ones from external influences, creditor problems, and divorcing spouses. Most importantly, you can outline your loved ones’ care and protection in your customized documents.
By incorporating estate planning into your long-term goals, you can take a significant step toward safeguarding yourself and your loved ones in the future. A knowledgeable New York estate planning attorney may be able to help you develop a comprehensive plan that meets your unique needs and provides you with peace of mind. Contact Sishodia PLLC today at (516) 574-9630 to schedule a consultation and learn more about how we can help you with your estate planning needs.
Let’s Make Your Resolutions a Reality
If you’re like most Americans, then your New Year’s resolution goals most likely revolve around bettering yourself. After the uncertainty of the past few years, however, now is the time to resolve to protect your loved ones. One of the best things you could do to take care of your loved ones is to finalize your estate planning plans.
Having these plans in place ensures that your loved ones don’t have to worry about how to divide up your assets after you pass on. It gives them the space and time they’ll need to grieve your passing. In an era of multiple global pandemics and crises, there has never been a better time than now to get your estate plans in order.
Are you currently in the New York area? If so, then our skilled attorneys would love to help you create and meet your estate planning New Year’s Resolution goals for 2023. Leave your information on our contact form to get in touch.