As the New Year begins, many of us make resolutions to improve our health, relationships, or finances. While these goals are vital, one area often overlooked is estate planning and elder law. Starting the year with a well-defined plan can bring peace of mind to you and your loved ones. Here are five New Year estate planning resolutions to help you begin 2025 with confidence and preparedness.
Create or Update Your Will
Your will is the cornerstone of your estate plan, ensuring your assets are distributed according to your wishes. If you have not drafted one yet, now is the time. If you already have a will, review it annually to account for any life changes—such as marriages, divorces, births, or deaths—that might impact your decisions.
Establish a Durable Power of Attorney
A durable power of attorney allows you to designate someone to handle your financial or legal matters if you become incapacitated. This resolution can prevent unnecessary court involvement and ensure someone you trust manages your affairs.
Revisit Your Healthcare Directives
Advance healthcare directives, including a living will and a healthcare power of attorney, communicate your medical wishes in situations where you cannot express them yourself. Update these documents to reflect your current preferences and share them with your healthcare provider and loved ones.
Review Your Beneficiary Designations
Accounts like life insurance policies, retirement funds, and payable-on-death bank accounts bypass your will and are distributed directly to designated beneficiaries. Double-check that these designations align with your intentions and update them if necessary.
Plan for Long-Term Care
As we age, the likelihood of needing long-term care increases. Consider how you will address potential costs—whether through savings, long-term care insurance, or Medicaid planning. Consulting with an elder law attorney can help you create a strategy tailored to your needs.
Communicate Your Plans
Once you have taken these steps, discuss your estate plan with your loved ones. Clear communication can help avoid confusion or disputes in the future. Let your family know where to find essential documents and explain your decisions to provide clarity and understanding.
Work With an Experienced Professional
Estate planning and elder law can be complex, especially with changing laws and regulations. Partner with an attorney specializing in these areas to ensure your plan is comprehensive and legally sound. By making these resolutions, you are taking proactive steps to secure your future and protect your loved ones. Call the team at Herzog Law Firm at (518) 465-7581 or fill out our contact form for help and guidance on planning your estate this year.
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