Five Estate Planning Resolutions For 2024
After all the fun and chaos surrounding the holiday season, the new year provides a chance to reassess your situation and your life goals. Resolutions help in forgoing bad habits and establishing better, healthier practices.
Estate planning may not be at the top of your to-do list, but January 1st can provide the motivation you need to put the appropriate documents in place. Our Tampa estate planning lawyer recommends the following five resolutions to ensure you, your family, and your assets are protected in 2024:
- Create new estate planning documents as needed.
Estate planning helps protect your assets and your loved ones in case of unexpected events. One of the most important is a will. Your will communicates your final wishes in the event of your death, acts as a guide through Hillsborough County Probate Court proceedings, and determines how property and assets are divided among beneficiaries. Other essential estate planning documents in Florida include a trust and advance directives.
- Update your existing estate plans.
If you already have a will and other important Tampa estate planning documents in place, make sure they are updated regularly. The new year provides a perfect opportunity to record any recent births, marriages, divorces, or deaths. It is also an excellent time to review your personal representative and legal powers of attorney. Relationships change and it may be time to pick others to fulfill these critical roles.
- Keep copies of important documents in a secure location.
Once you have created an estate plan, keep all related documents in a safe, easily accessible place. Make sure your personal representation and one or two trusted others know the location and Include marriage licenses, birth certificates, military discharge papers, and other important items.
- Review insurance policies.
Forbes advises that a new year presents the perfect opportunity to review insurance policies you have in place as well. This includes health insurance coverage levels, life insurance policies, premiums, and beneficiary designations, and short and long-term disability coverage.
- Discuss your estate plan with trusted friends or family members.
Your estate planning documents are private and contain instructions regarding highly personal matters. However, it is important to discuss the plans you have made with your personal representative, beneficiaries, and others involved. Making your wishes clear now can help prevent disappointment and potential disputes further down the line.
Request A Consultation With Our Tampa Estate Planning Lawyer
After all the hustle and bustle surrounding the holidays, the new year provides a time for contemplation and to address important issues in your life. At Bubley & Bubley, P.A., we urge you to put estate planning at the top of your to-do list.
Having an estate plan, making sure it is updated regularly, and communicating with loved ones regarding what it contains are all practical New Year resolutions that can help protect you, your family, and your assets in 2024. For trusted legal guidance in putting the appropriate documents in place, contact our Tampa estate planning lawyer. Request a consultation in our office today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
forbes.com/sites/martinshenkman/2022/12/28/new-years-estate-planning-resolutions/?sh=1426ba1d2866
