Posted by Dana Law Group on January 7, 2022
A new year has finally arrived—but it’s not too late to make some resolutions for 2022. While it may not be quite as exciting as resolving to get into better shape or travel more, resolving to get your own affairs in order is always a good idea. So, what are some new year’s resolutions to consider when it comes to planning ahead?
If you don’t already have a living will, now is the time to draw one up. You can do this with help from an experienced attorney, and it’s a lot easier (and less time-consuming) than you may think. If you do already have a will, then this is a good time to review it and make any changes as needed.
In addition to a will, it’s smart to have an estate plan. Specifically, an estate plan will include a complete inventory of your assets, finances, retirement information, and other details. The main purpose of an estate plan is to make sure that all of your wishes can be carried out to your liking when the time comes.
Creating an estate plan is usually a little more involved than creating a will, so it’s best to rely on an estate planning attorney to walk you through the process.
If you have designated any beneficiaries or power of attorney, this is also a good time to review your plans with them so they can stay up-to-date. Keeping these people in the loop regarding your will and your estate plan can save a lot of stress and hassle down the road.
There’s a good chance that your retirement account and many other financial accounts are handled primarily online. If and when this information needs to be passed onto a power of attorney or beneficiary, it’s important that they can access these accounts with the appropriate usernames and passwords.
If you haven’t done so already, collect all this information (including usernames, passwords, and account numbers) in a safe place within your home. Ideally, you’ll keep this information in a locked safe. From there, your power of attorney will be able to access this information as needed when the time comes.
As you can see, there are many resolutions you can make and follow through on to plan for the future, protect your assets, and care for your loved ones. If you need help with any of these resolutions, such as creating an estate plan or will, be sure to contact our estate planning team at Dana Law Group. You can reach us at (480) 924-4557.