Author: Leah B. Trowbridge, Estate Planning Attorney, The McIntosh Law Firm, P.C.
This morning while drinking my second cup of coffee and searching “New Year’s Resolutions”, I read that the vast majority of us make resolutions … and the vast majority have given up on them by mid-January. I resolved to limit my coffee intake to one cup per day. Yes, it’s mid-January and I, too, have fallen short with my resolution! (Although I’m happy to report that I found articles supporting both my one cup and my then, and now, extra cup habit!)
Most resolutions are about health and wellness, both physical and financial. I found myself asking, is there a resolution that bolsters your health and wellness, both physical and financial, is cost effective, easy to accomplish, and will stick without daily, weekly, or even monthly, ongoing effort?
The answer is YES, and it’s much easier than the pledge to lose 20lbs or, for some, give up that extra cup of coffee!
Review your Estate Plan, if you have one, to make sure that your named beneficiaries, fiduciaries, beneficiary designated accounts, and assets, are still served and managed properly by your current documents.
If you do not have an Estate Plan (Trust/Will, Durable Power of Attorney, Health Care Power of Attorney, Advanced Directive), Resolve to get one! These documents give you and your family greater control over the two great inevitables, death and taxes, and the periods of incapacity many of us will face, particularly as we live longer.
Having these documents prepared by an Estate Planning Attorney minimizes the chances of having to seek, and pay for, unwanted court, social services and medical community intervention. The mental health boost of knowing you have protected and provided for yourself and your loved ones, the physical health reward inherent in decisions made by you and your designated agents, and the financial benefits of letting your Estate Plan protect and manage your assets for you and future generations, are all part of having a custom Estate Plan.
Check off this one Resolution in 2023: get your Estate Plan in order (and enjoy that second cup of coffee)!