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Why Estate Planning Can Be A Great New Year Resolution For 2023.

‘Tis the Season for Estate Planning

The New Year usually offers up a batch of resolutions to help us change our ways and set new goals. We look forward to the new year ahead, excited at the prospect of offering fresh energy and a new approach–of bringing an improved version of ourselves into the future.

So, our resolutions often start with the most common actionable goals. We commit to eating healthier, exercising more, and organizing our home office. But there may be other highly impactful goals to be set and achieved?

There can’t be a better New Year’s resolution to make–and keep–than estate planning. And with just a little focus and application you can provide immeasurable comfort and security for your family. Families come together during the holidays as an expression of love and caring. Any discussion about an estate plan is also an expression of love, protection and caring for the surviving family left behind. When brought up with tact and sensitivity, it can be one of the best things to accomplish this holiday season – to ensure that the living legacy of a loved one has been safeguarded. Unfortunately, a majority of U.S. adults do not have a plan.

And what could be better than this holiday season to show love.

Sometimes, just the idea of estate planning can raise all sorts of questions and bring up a slew of conflicting emotions, many of which boil down to facing some challenging realities. But we know that the advantages will far outweigh the disadvantages. And therein lies the big payoff. Your satisfaction in securing your family’s financial future–to the full extent of your abilities and resources–is worth any temporary discomfort.

Proper estate planning will minimize the legal interventions, translating directly to time and money saved. Make this start of the new year the time you finally meet with your family and discuss future contingencies. Let them know you’re putting a plan together to protect them if you’re not there to help ensure their welfare.

Estate Planning is Not as Daunting as You Think

When it comes to making complicated financial decisions, especially those that involve some hard calls, many of us procrastinate and stall. Let us provide some simple tools to help you turn this seemingly daunting task into easy-to-follow, manageable steps.

Security Matters–New Year’s Day and Every Other Day

We all wish for continued good fortune and health for ourselves and our families. Yet, we understand that life is nothing if not uncertain. And we know that, in the end, we will rest easier if our family’s financial future is secure. Did you know that most Americans do not have a will or estate plan? So what happens to your family if you’re not here to make tomorrow’s decisions? This uncertainty is not what you want for your loved ones. See our blog  on talking to aging parents about estate planning for  some helpful guidance to familiarize you with the process and get you started.

Estate Planning Makes Good Financial Sense

Do you wonder  about the affordability of estate planning? In general, its cost will depend on the size and complexity of your estate. Of course, dying without a will or estate plan means there will likely be court and legal interventions, according to state law. When the courts intervene, there are at least two things that are highly probable: your estate will take longer in probate, and you’ll pay more in taxes and fees.

Organization Matters!

Any New Year’s resolution with any chance of successful resolution starts with a good checklist. Estate planning is no exception. Organizing your assets digitally and securing original documents or hard copies is the first and most important step in the process. Once organized, you can write a will and specify a financial and medical power of attorney. And remember to update beneficiaries on your bank accounts to help minimize the probate period.

Build Trust and Confidence this New Year

Family dynamics can contribute to the many reasons why you might be uncomfortable with estate planning or sharing your plans with your family members. But in the end, it is time to make the tough decisions, have the hard conversations, and do what you can to benefit your family. And while family members are not necessarily all on board with your decisions, at least it’s all out in the open, and you can build from there.

So, as uncomfortable as tackling this ‘Estate Planning’ goal might initially seem, this is not something to leave for another year. We’re here to help you start estate planning. As New Year’s resolutions go, putting your affairs in order will be a proud accomplishment. Nothing says “responsible, right, loving action” like creating an estate plan for your family.

Read more related articles at:

New Year’s Estate Planning Resolutions

Estate Planning New Year’s Resolutions

Also, read one of our previous Blogs at:

Creating an Estate Plan Should Be a New Year’s Resolution

Click here to check out our On Demand Video about Estate Planning.

Click here for a short informative video from our own Attorney Bill O’Leary.


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