The annual ritual of saying farewell to the current year and welcoming a new one usually inspires introspection. Like many others, you may feel compelled to think about improving your life or yourself throughout the new year.
Estate planning may be way down on your list of concerns to address in the new year, but it deserves a higher spot. The start of another year is one of the best times to handle estate planning tasks like these.
Revisit and revise your will
Has your life changed significantly since your last update? Perhaps a new family member arrived or some assets changed hands. A checkup with your estate planning professional can ensure your will reflects your current wishes and circumstances.
Appoint guardians for your children
Designating guardians for your kids or incapacitated adult family members in your estate plan is an act of love and responsibility. Choose individuals you trust implicitly, who share your values and can give your children a nurturing and stable environment.
Have the difficult conversations
Estate planning often necessitates uncomfortable conversations about death and illness. Do not shy away from discussing your medical and end-of-life concerns with loved ones. Open communication can help ensure that your wishes are respected when the time comes.
Find out how the law can help you
The laws that govern wills and other estate documents in Texas can change rapidly and without much notice. However, many new laws take effect at the start of a new year. Your estate planning representative can help you understand any recent changes to state law.
Navigating the intricacies of estate planning can be overwhelming. Addressing them early in the new year helps ensure that your plan is current as we start a new year.