Update Your Estate Plan

With the new year coming upon us quickly, the time of year is approaching when we should review our estate planning documents.

Why You Need A Detailed Estate Plan

Estate planning safeguards you, your family, and your assets following your passing or incapacity. Everyone can benefit from an estate plan, regardless of age, income, or assets.

One major focus of estate planning is creating a detailed will. This document specifies how items of both financial and sentimental value are distributed among your heirs. In this document, you name a personal representative. Your will lets the court know your wishes and helps eliminate the possibility of interpretation that could result in actions being taken counter to your wishes.

However, documents such as a living will, healthcare surrogate, preneed guardian, and power of attorney are just as important if not more important as they dictate how you and your assets are treated should you become incapacitated.

Many people don’t give estate planning more than a passing thought. They think a close friend or business partner can step in and manage their affairs when needed. This isn’t the case. Such individuals typically are unable to serve if not properly named in estate planning documents.

Simply stated, planning puts you in control of your future and that of your family’s future. With the beginning of a new year approaching, now is an ideal time to create or update your strategy for the future.

How To Start Or Update
Your Estate Plan  
Life happens fast, and it’s not always easy to remember every change that has occurred in the past year. Still, there are situations that require immediate updates to your estate plan. That includes:

• birth of children or grandchildren
• divorce or death of a spouse
• move to another state
• purchase or sale of property
• launch or acquisition of a new business venture
• property damage or total loss (including from fire or severe weather)
• changes in philanthropic giving
• special and unique circumstances

When you’re in doubt whether you should update your estate plan, it’s a good idea to contact an attorney well-versed and skilled in this sometimes-complex process. Our law firm offers many years of experience in estate planning, probate, and guardianship.

Contact Mara Law, P.A. today at 386.672. 8081 to create or update your estate plan.