Adulting is hard. Keeping up with demands from work, family, and personal wants can be daunting. Stress can mount up and leave us feeling overwhelmed. Adulting doesn’t have to be that way. Taking control of your life and planning ahead can ease stress and worry. Especially when it comes to taking care of your family.
Welcoming a new year with a fresh perspective and motivated attitude can be empowering while keeping the “adulting blues” at bay. A perfect New Year’s resolution is to create an estate plan. Healthy eating and gym commitments probably come to mind when you think of New Year’s Resolutions. However, an estate plan is one resolution that will not fade away when completed correctly. The New Year is a perfect opportunity to take control with one big adulting move: Estate Planning.
If you have come into the New Year with a strong adulting game, the following are some must-do’s:
Draft your Will
This is your Last Will and Testament, a document to declare your final wishes. When working with a family estate planning attorney, they can assist you to cover everything in your Last Will and Testament. You can declare the future guardianship of your children, distribution of your assets, and even what should happen with your precious pets. You can avoid future pitfalls for your family, and protect them even when you are no longer on this big blue planet.
Declare a Power of Attorney
Ultimately, this document will protect you and your family if you are unable to make financial decisions on your own. If you are incapacitated in any way, a designated Power of Attorney can act on your behalf in financial matters such as taxes, banking decisions, and real estate.
Determine a Health Care Proxy
Much like a Power of Attorney, a Health Care Proxy can take action on medical concerns when you are not able. In your Health Care Proxy documents, you can also state what your preferences are when dealing with critical or terminal situations.
Update all beneficiaries
Once a year, make it a standard practice to update beneficiary designation forms. Retirement, pension, bank accounts, and insurance policies all require designated beneficiaries. The New Year is a perfect reminder to keep all documents up-to-date.
While working on your estate plan, your estate planning professional may ask about an inventory of personal assets. It is always good to keep an inventory of investments: jewelry, musical instruments, business investments, stocks, or bonds. Your estate plan can dictate specific plans for all of your important investments.
As dour as it may seem, consider burial options in your estate plan. Having your final wishes legally declared can ease potential conflict among family members. Having a good life insurance policy can also ease stress and worry among your family.
When working with a family estate planning professional, they will help you explore all of your family’s needs, and your final wishes. Keep this New Year’s resolution to level up in your adulting game!
