Many of us will set resolutions of general wellness, such as eating more healthily, exercising more or getting out of debt. However, the most impactful resolution you can make—and keep—for 2018 is completing your estate plan.
Birmingham Business Journal’s recent article, titled “Why an estate plan should be a resolution for 2018,” says that planning for your family’s future once you’re no longer living, or unable to make choices for yourself, will have a serious impact on your entire family.
Once you sign your last will and testament and living will, you immediately eliminate a lot of stress for your family because no one will need to guess about your final health care wishes or where you wanted your assets to go.
As we move into 2018, make the resolution to remove the guess work from these extremely important decisions and plan for your and your family’s future. Preparation now can avoid unnecessary expenses and family squabbles.
When you create an estate plan, you can achieve your long-term goals and preserve your legacy for your children and grandchildren. You can also give to the charity of your choice.
If you don’t have a plan for your estate, the state’s plan may not align with what you would have wanted. If you die without a last will and testament—known as “intestate”—the laws of the state will dictate how your assets will be distributed.
Your estate doesn’t need to be large and taxable to necessitate an estate plan.
Take care of your estate planning, and your family will thank you.
Reference: Birmingham Business Journal (December 14, 2017) “Why an estate plan should be a resolution for 2018”