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Written by Thomas Upchurch
Financial resolutions are common at this time of year. Many people resolve to save more money, find a better-paying job, or finally create an investment plan. Far fewer, however, think of the New Year as a time to ensure that existing assets are protected, for themselves and future generations. This year, why not resolve to make sure you have a solid and up-to-date estate plan?
Regularly updating your estate plan will help ensure that:
The specific issues and documents you’ll need to review and update will depend in part on your family circumstances. Some common considerations include:
One of the most common reasons that people don’t create or update estate plans is that they think they have plenty of time to consider these issues and make arrangements for the future. Often, they’re right. However, when someone passes away suddenly or is mentally or physically incapacitated, lack of preparation can be catastrophic.
Neglecting estate planning may mean that someone you wouldn’t have chosen is entrusted with critical medical decision-making, that no one has the authority to pay your bills and otherwise manage your finances if you are incapacitated, and that your property may not pass to those closest to you if you pass away unexpectedly.
Making sure your estate plan is in order with a regular review is also important to minimizing the likelihood that contentious issues may arise among your heirs. An estate attorney can advise you on how best to prevent such conflicts and avoid the issues that give rise to estate litigation.
Start 2018 strong by ensuring that your interests and the people you love are protected. If you are in the Center or North Florida area, we invite you to schedule a consultation with our experienced estate planning attorneys or call us at 386-320-6129.