Estate Planning 101—Just get it done

With 2020 finally behind us, I’m sure there is nothing left on your to-do list…and like me, you didn’t put off ALL the things you planned to accomplish (insert major sarcasm here). Whether it was on your radar or not, and regardless of the life stage you are in, 2021 is as good a year as any to make your estate plan a priority

I know many parents, like myself, have limited time or energy for the daily grind, never mind hypothetical and often-difficult decision making. Who would care for my kids if something happened? Who would manage their finances and for how long? It is not surprising you wouldn’t want to think about this, but unfortunately, without a properly executed estate plan, your wishes and intentions for your loved ones are not assured.

Perhaps you are a retiree or empty-nester who needs to review and refresh your old documents to entrust your now-adult children with important decision making roles and take advantage of asset protection options for your home.

Maybe you have a loved one that receives public benefits or is financial irresponsible, who you want to include in your plans. There are specific trusts available to protect gifts to your most vulnerable beneficiaries.

Even recent graduates, college or career bound, would benefit from basic estate planning documents. Once you turn 18, your parents no longer legally have decision making authority over your medical and financial matters. Therefore, it is important to appoint them (or someone else) with this legal authority, in the event it is needed.

These are just some reasons to consider estate planning. It is very easy to put it off, and it is completely understandable if you have not given it much thought until now. I do recommend that you put it on your 2021 list – just get it done. I can assure you that you will enjoy some peace of mind when it is signed, sealed, and collecting dust in your file cabinet.

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