As the new year begins, many of us reflect on our lives, make resolutions, and set goals for the months ahead. While it’s common to focus on health, finances, or career aspirations, one area often overlooked is estate planning. The start of a new year is an ideal time to review or create an estate plan, ensuring that your wishes are up to date and legally binding. However, it’s important to note that while the new year is a great starting point, there is no ‘bad’ time to put your affairs in order. Life is unpredictable, and having a well-structured estate plan can offer peace of mind at any time.
Why Review Your Estate Plan Now?
Over time, your personal, financial, and familial circumstances can change. These changes may affect the appropriateness of your current estate plan or highlight the need to establish one if you haven’t already. Some key life events that may prompt a review include:
Marriage or Divorce. If you’ve recently married or gone through a divorce, it’s crucial to ensure your estate plan reflects your current marital status. A divorce doesn’t automatically revoke provisions made for an ex-spouse, so updating your plan is essential to prevent unintended outcomes.
New Children or Grandchildren. The birth or adoption of a child or grandchild is a significant life event. You’ll want to ensure they are adequately provided for, and guardianship arrangements are in place in case something happens to you.
Changes in Assets. Acquiring or selling property, receiving an inheritance, or changes in your financial situation can all impact how you want your estate distributed. You may wish to update beneficiaries or adjust how assets are allocated.
Health Concerns. As we age or face health issues, it’s important to have an up-to-date plan that addresses long-term care preferences and medical decisions.
It’s Never Too Early—or Too Late!
Starting the new year by reviewing or creating your estate plan can offer peace of mind for you and your loved ones. However, remember that there is no bad time to ensure your affairs are in order. Life is full of changes, and having a flexible, up-to-date estate plan can help you adapt to those changes while protecting your wishes and your family’s future.
This New Year, give yourself the gift of security—by making sure your estate plan is in place, ready to adapt as your life evolves. Get in touch today.
