The new year is around the corner. As we move into 2022, many of us will begin to reflect on this past year and what we want to accomplish in the coming one. The new year marks a new beginning and a clean slate; a slate on which we can make the world better for ourselves and others. We look forward to the days ahead with the optimism of endless possibilities. This positive mindset at the threshold of a new year materializes in the tradition of New Year’s resolutions.
However, we are all too familiar with the pattern of resolutions being abandoned by February (or earlier). Many have stopped making resolutions altogether with the assumption they are bound not to keep them. But there are benefits to New Year’s resolutions. They allow us to explore our potential and signify our desire to continue to grow. Setting a firm resolution helps get you closer to your goals than those who seek change but never resolve to see it through.
Estate planning is a great example of a task people want to accomplish but many people never resolve to do. Like many important things, if you don’t resolve to do it, it doesn’t get done. It’s a pesky task we all know we need, but it’s often pushed to the bottom of one’s to-do lists. The bottom line is you do not have all the time in the world to complete your estate planning.
Each of us is at constant risk of experiencing a devastating accident or disease that renders us incapable of caring for ourselves or our loved ones. Sadly, we all have known someone that has met death unexpectedly. The reality is that death is not a matter of “if” but “when.” Very few people get to choose the date of “when” they leave this earth. If you’ve been putting off estate planning, 2022 is the year to bring this task to the top of your to-do list.
The good news is that estate planning isn’t as daunting of an undertaking as you may think. After meeting with us. many of our clients have described the process as “simple.” Other clients have expressed that, “Cris turned an unpleasant experience into a pleasant experience” (you can check out our other testimonials here).
We know how important estate planning is so we’ve put together some estate planning tasks that would make great resolutions for 2022.
1. Overcome Your Excuses.
Procrastination is a natural behavior and particularly easy when confronting uncomfortable topics like taxes, money, and death. As you get older, life speeds up and you feel like you never have enough time to start. However, estate planning is what should be there for you when you’ve run out of time.
If you’re having trouble getting started, take the first step and contact us today.
2. Appoint Legal Guardians for Minor Children
No parent wants to think about what would happen if they become incapacitated or pass away. However, naming a guardian for your children is a difficult, but necessary decision that ensures your children are cared for in the way that you’d want.
Too many parents are lulled into a false sense of security by believing that a will is sufficient to name the guardian for their children. A will only works if you are dead. Make sure you have the legal documents that name the guardians that will take over if you are alive. Here are some considerations to help you choose the best guardian for your children.
3. Update Powers of Attorney, Trustee, Execute (Personal Representative), and Beneficiaries
Relationships change. Old relationships go away and new relationships emerge. Does your plan accurately reflect who you want to inherit your estate, or carry out your final wishes? Unfortunately, the choices in the past for these roles may not be the same choice you would make today.
If you already have these legal documents in place, check your plan to make sure you have those that are right for you today doing the right job.
4. Have Your Estate Plan Electronically Accessible
Ensure you can access your documents no matter where in the world you happen to be. Your estate plan should be available to you electronically from any device. In the old days, estate plans were kept in a safe deposit box at a financial institution and maybe a copy at home. In today’s world, your estate plan should be at your fingertips so you can be sure that you can get ahold of your plan wherever you are
5. Include All Your Assets
Consider all your assets, including any digital assets you may own in your plan. Digital assets include a wide array of files and records that you have stored in the cloud, on smartphones or other mobile devices, and on your computer. Don’t forget the significance of email or social media accounts, photos, websites, cryptocurrency, and loyalty program benefits like frequent flyer miles or credit card reward points.
Assign a friend or family member to be your legacy contact on Facebook, and create detailed instructions on how to access your accounts for your executor.
6. Be Resolute with Revisions
If you already have an estate plan, congratulations! However, it still needs to be kept current. Live events such as marriage, birth or adoption of a child, moving, or death and illness need to be reflected in your estate plan.
What we know more than ever is that our lives are changing all the time. Life events such as marriage, birth or adoption, relocating, and of course, illness or death need to be reflected in your estate plan. Your relationships change; your assets change and the law changes. In fact, in the estate planning field we have seen many changes during the past year and well know there are many changes that will occur in the coming year.
If your plan has not been reviewed in the past three years, or you know your life circumstances have or are ready to change, make it your resolution to ensure your plan is reviewed now and updated as needed. In the words of Pablo Picasso, “only put off until tomorrow what you are willing to die having left undone.”
Set the tone for 2022, with a New Year’s resolution you will actually keep. Estate planning is crucial regardless of age or health status. It’s a duty that shows love for your family and friends as it provides assurance in life’s greatest moments of uncertainty. It’s the smart, responsible thing to do.
Your estate plan is a priority for the upcoming year, even if it’s just taking the first step to get started. Contact us today to get 2022 started off right.
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