Many people wait until February to start their “new year’s” resolutions and use January to develop a concrete plan instead. This includes gathering information and resources ahead of time, breaking up larger goals into smaller achievements, and mapping out different ways for everything to work together. Forming a plan for your goals can help you stick with them and with 80% of people stopping their resolutions by February, getting organized and ready may just lead to a greater likelihood of success.[i]
One major goal you could work towards this year is to take the time to plan for your future. Making sure you have an up to date estate plan in place can save you and your loved one’s time, money, and frustration down the road.
In getting organized, we recommend you start with the basics. Think about who would be involved in your plan, what roles you would want them to perform, if any, or what you may like to give them. Your beginning considerations may include –
Who – The people in your plan who will:
- Help manage your finances and health care decisions if you cannot
- Take care of minor children
- Act as your professionals – CPA/Accountant, Financial Advisor, Attorney
What – The possessions in your plan
- Take an inventory of what you own – from bank accounts to valuables
- Beneficiary designations on accounts
How – The documents that contain the details of your plan
- Trusts, wills, powers of attorney, deeds
- Instructions to loved ones on health care
- Instructions to financial institutions on beneficiaries
Where – The place to find this information
- Is this stored in a safe deposit box?
- Is this organized at home?
- Do you have a list of your current assets?
When – Make a resolution in 2020 to create or update your plan
- Has there been a change in your health?
- Have there been changes in kids, grandkids, relatives, anyone listed in your estate plan, etc.?
- Is your estate plan (trust) fully funded?
Why – Unique to the individual
- To have a plan in place so loved ones know your wishes
- To avoid probate or save on taxes
- To protect minor children
An estate plan starts with sound education and planning. Looking at the list above may be overwhelming, but its more than likely you already know most of the answers and just need the right resources to implement them. We offer a free initial consultation to learn more about our process, how it can help you, and how it can protect your loved ones.
If you want to start your planning, you can reach us at