Make Estate Planning One of Your New Year's Resolutions
Have you started on your resolutions for 2021? Let's see, get to the gym, control your spending, what else?
How about create and organize your estate plan?
The idea seems daunting, but estate planning is the best gift that you can give both to yourself and your family. Additionally, we all find ourselves with more time at home and with family because of the pandemic. What a great time to begin the process of estate planning.
The definition of estate planning is arranging for the use and disposal of your assets after your death. It allows you to see where your assets will go after you’re gone. Spend some time thinking about your will, powers of attorney, advance directives, and trusts, and create your plan this year.
The first step is to make a list. List your liabilities, list your assets, and determine your net worth.
Identify important documents and file them in a secure location, including business and personal tax returns, records of real estate and property purchases, and any insurance policies.
The second step is to identify some goals for your estate after your death. Set up a time to have those talks with your spouse, children if they are at an appropriate age, even business partners.
If you already have an estate plan in place, it’s a good opportunity to revisit that. If your children have matured to the point that you feel comfortable talking about your estate plans with them, then now is a good time to do that.
One of the big barriers for people to complete an estate plan is the cost. Don’t let the unknown make your decisions for you. The last thing you want is to pass away without a plan. The state would distribute your assets according to law, not according to your wishes. Call the office of Kevin Miller and get your questions answered today.
This article should help as you organize your thoughts as you prepare to begin your estate planning process.
Kevin Miller is available to help you create an estate plan so you are not caught off guard in an uncertain time. It is important that you make your planning a priority, especially as you age. Kevin Miller has extensive experience in creating unique estate plans and trusts and will put your interests first. Contact us or call us at 405-443-5100 if you have questions. We are here to help.