2020 may not have been the year we wanted or expected it to be, but 2021 is here and it always feels great to get a fresh start and be in control. One easy way to “get your ducks in a row” is to create, or update, your estate plan.
It may sound counterintuitive, preparing for the worst-case scenario when you want this upcoming year to be better than that last, but once your estate plan is complete, you can spend the rest of the year at ease knowing that you have planned for the future and hopefully, protected both your assets, and your loved ones.
If you already have an estate plan, you may want to consider updating it. Our firm recommends that all of our estate planning clients check in every two years or so to modify or update as necessary. It’s good to update when you have obtained new property, someone is born that you would like to include as a beneficiary, someone passes away that was already a beneficiary, and/or a divorce is involved.
Your estate plan protects your family and outlines your wishes to make end-of-life planning a little bit easier. You can address the title to your house, who gets personal belongings, if any money will be left to a charity, etc.
Without at least a Last Will and Testament, many things from your estate may need to pass through probate. If someone dies “intestate” (i.e. without a Will), the probate process may be lengthy, and, sometimes, individuals fight over whom should receive what from a loved one’s estate. This can also potentially lead to a heavy financial burden for your family as well.
Make 2021 the best year yet, and get your estate plan out of the way. Knowing that you have protected your family will give you a great feeling of accomplishment, and also give you confidence to make your big plans for the rest of the future.
Are you and your family prepared? Let Wolf & Shore Law Group help you create (or update) your estate plan. With a combined 22 years of experience, Attorneys Kristen Wolf & Shari-Lynn Cuomo Shore can easily help guide you through the process, and help you decide which estate planning documents are right for you.
Ever argue with a woman? Wolf & Shore Law Group go to work for you. Call us at 203.745.3151 or email us at info@wolfandshorelaw.com.