Estate planning is probably the last thing that you are thinking about as the holidays approach. Despite all of the other obligations keeping you busy this time of year, it’s actually a great opportunity to think about your estate plan. Whether you already have a plan that you haven’t reviewed in a while or you have never created a plan to begin with, an experienced attorney can guide you. Find out why so many individuals and families trust Kallio Law Firm.
What to Think About During the Holidays
Here are a few things to consider with respect to your estate plan this holiday season.
Use family time to discuss concerns: Christmas, Thanksgiving, and other holidays towards the end of the year present rare opportunities for all or most family members to be together. Use this time to discuss estate planning issues with your family, or to speak to one of your relatives about serving as an executor or in another capacity.
Plans are not just for the wealthy: Big spending often attends the holidays, and come January you may feel the financial pinch. Perhaps you are thinking that estate plans are only for rich individuals and families. But this isn’t true, and without a plan your estate will be divided according to predetermined intestate succession laws over which you will have no control.
Save your online shopping for gifts: It is tempting to use online legal services to purchase estate planning documents, such as a last will and testament. But regardless of the assurance these websites may make, online forms are not always accurate or reliable. By purchasing a will or other document online, you are also missing the personalized advice that an attorney can provide.
Which changes have occurred over the past year? As the year draws to a close, it is natural for people to think about the future and reflect on the past. You may have undergone a number of significant life changes that should prompt you to review and possibly revise your existing estate plan. These include:
- Marriage
- Divorce
- The birth of a child
- The death of an estate beneficiary
- Relocating to another state
- Significant changes in the nature or character of your property
- A need or desire to change beneficiaries
- The death of an executor or other estate fiduciary
- Changes in your health which may necessitate executing a power of attorney
There may also have been updates to state or federal tax laws, such as the gift tax exclusion, which could impact your estate plan. Much can happen in a year, so let an attorney evaluate your plan in light of these changes.
How an Attorney Can Help
A knowledgeable estate planning lawyer can help you either review your existing estate plan or execute a plan if you do not have one yet. We can discuss various instruments such as a last will and testament and a trust and how they can properly dispense with your estate assets, provide for your loved ones, and other benefits. We will also examine your need for powers of attorney which allow individuals to designate agents to make critical decisions on their behalf if they are unable to. Finally, we can talk about the above life changes and others you have experienced which could necessitate modifications to your estate plan.
Don’t wait until the new year to work on these and related matters. Give Kallio Law Firm a call and schedule your consultation today.