With Estate Planning, it is important to know what you should and should not leave…
We have now concluded the third week of the new year. You have probably made a list of resolutions focusing on various ways to improve your outlook in 2019. As the holiday season fades away and we get back to our normal routines, have you considered ways you may improve your life this year that go beyond a gym membership or other lifestyle changes? What considerations have you given to the legal implications in your life as 2019 unfolds? If you have not given it much thought, here are a few subjects for you to consider.
Create your estate plan. There’s no time like the present to plan for the future. Regardless of how simple or sophisticated your estate might be, the proper estate planning documents can provide you with control over the distribution of your assets, appointment of representatives such as executors, trustees or even guardians for minor children, and designation of beneficiaries, including those named in your life insurance policy or retirement account. Establishing advanced directives allow you to appoint agents to make health and financial decisions in the instance that you unexpectedly and suddenly are incapable. Preparing these documents properly now can save your loved ones time and money while controlling the disposition of your estate.
Audit your estate plan. Few people go through life without updating their estate planning documents on a timely basis, if at all. When should you review your documents is an appropriate and important question? The start of a new year is a perfect time to carve out several hours in your schedule to look over your estate plan to ensure that you have asserted control over those critical life decisions. Have I designated the person(s) to receive the benefits of my estate accurately? This is the fundamental question to be answered during your review.
Purchase a bigger house. Are you feeling the space limitations that comes with a growing family? Do you now have teens (or pre-teens) that have different bathroom needs? You may experience less competition in 2019 due to the inventory available, though you should weigh the costs carefully. You can find a more detailed housing forecast that has been cited been many news outlets here: https://www.realtor.com/research/2019-national-housing-forecast/.
Selling to downsize. Perhaps you no longer need all the space your “family home” has to offer or you are looking for less maintenance and upkeep, and maybe simply a lower tax bill. 2019 could be your year to sell as it is anticipated to be a sellers’ market. Whether you are selling or buying, consult with an experienced realtor who can provide you the most accurate view of the market at that time.
Start a business. Have you wanted to start a business? Unsure what steps to take first? There are multiple options available for prospective business owners when it comes to choosing an entity. The first step is speaking with a business attorney, like our firm, who can turn your dream of starting a business into an attainable reality. Beginning a business is a serious undertaking, of course. Starting off with good, experienced counsel is an essential foundation for future success.
The new year brings a host of opportunities and ambitions, as we turn the page from the reflective mode that is part of completing a year. Careful planning is critical to future success. These are just a few personal subject areas with legal considerations. Complete a discernment process, mark your goals down, and remain accountable to yourself and your loved ones by taking action.
Our law firm remains a resource to support your personal and professional ambitions in 2019.