Many of us view the New Year as a fresh start. It is a time to reflect back on the things we wish we had prioritized the previous year and create resolutions to accomplish new goals or hold ourselves to a higher standard for the upcoming year.
While many people create resolutions focusing on exercising more or eating healthier, have you considered making resolutions that can protect your family? We encourage to think about more than just spending more quality time with your family and, instead, going a step further and putting protections in place in the event you experience an accident or sudden illness.
Do you need help knowing where to get started? Let us share three ways to create an estate plan that can help protect you and your loved ones this New Year.
- Create a plan for your minor children to keep them protected.
When it comes to your children, you can never be too prepared or plan too far in advance for their future. Preparing for your minor children’s care in the event of your death is a necessary challenge of being a parent. One way to ensure your children are well taken care of after you are gone is to create a comprehensive estate plan that designates a guardian to care for your children. This should be someone you trust implicitly to care for your minor children and help raise and guide them into adulthood. You may also wish to plan to take care of your children financially by creating a trust and placing funds in it for their behalf.
- Create a plan for yourself in the event of an accident.
As important as it is to plan for your children’s protection, it is equally as important to create a plan that protects you as well. A living will, also known as a healthcare directive, is a legal document that outlines your end-of-life medical care wishes. This document helps loved ones and healthcare professionals to make appropriate medical decisions on your behalf when you are unable to make them yourself because of, for example, you experience a serious illness or are in a bad accident. The provisions within a living will do not take effect until you are legally and medically declared unable to competently make medical decisions for yourself.
- Create a plan for your legacy.
Creating an estate plan is more than just compiling a series of documents. It is the embodiment of the legacy you wish to leave behind for your loved ones. Creating and sharing your goals and thought process behind making each decision related to your estate plan is a way to share your legacy with your loved ones while you still have the opportunity to do so.
These are just a few of the ways you can help protect your loved ones this year. Do you have other ideas? Do not hesitate to let us know! Your family’s safety and your legacy are very important to us. We encourage you to attend one of our free estate planning seminars to learn more and qualify for a complimentary meeting with an attorney so we can discuss your estate planning related questions.