5 Resolutions for Better Estate Planning

The beginning of a new year is the perfect time to revisit your estate plan—or create one if you haven’t yet. Estate planning ensures your wishes are honored, provides peace of mind for your loved ones, and can save time, money, and stress down the road. To help you get on the right track, here are five simple resolutions you can adopt to improve your estate planning this year.

1. Update Your Will

Life changes fast, and so should your will. If it’s been a few years since you last reviewed it, take some time to ensure it reflects your current wishes. Have you recently gotten married, welcomed a child, or experienced a divorce? Perhaps a key beneficiary or executor has passed away. These changes must be addressed in your estate plan to ensure everything is up to date. Even if no major life events have occurred, periodic reviews are essential to avoid surprise gaps.

2. Review Beneficiary Designations

Your will isn’t the only document that dictates how assets are distributed. Bank accounts, retirement plans, and life insurance policies often bypass your will and go directly to the beneficiaries listed. Take a moment to review these designations and confirm they align with your wishes. It might surprise you how often this crucial step gets overlooked, leaving unintended heirs to benefit. Keeping beneficiary designations current ensures your assets go to the right people.

3. Plan for Taxes

Too many people forget to consider the tax implications of their estate plan. Federal and state tax laws can have a significant impact on what your heirs ultimately receive. Resolutions in this area could include exploring strategies to minimize estate taxes, such as gifting during your lifetime or setting up a trust. Discussing these possibilities with a trusted professional can help you protect more of your wealth for future generations.

4. Organize Important Documents

Estate planning goes beyond drafting a few key documents. An important part of the process is ensuring that all your essential paperwork is well-organized and easily accessible. Create a central file or digital archive that includes your will, trust documents, insurance policies, financial account information, property deeds, and even passwords for online accounts. Share its location with someone you trust. This small step makes it much easier for your loved ones to handle your affairs when the time comes.

5. Consult an Estate Planning Attorney

While DIY solutions may seem appealing, estate planning is a complex process with lasting consequences. An experienced attorney can ensure your plan is tailored to your specific needs, complies with current laws, and anticipates any potential issues. They can help you address scenarios you may not have considered, such as incapacity or disputes among heirs. Comprehensive estate planning is not a one-size-fits-all approach, and professional guidance can make all the difference.

Start the Year Off Right

A well-thought-out estate plan is one of the greatest gifts you can give to yourself and your family. By following these resolutions, you’re taking proactive steps to secure your legacy while easing future burdens on your loved ones.

If you’re ready to get started or need help updating an existing plan, reach out to Russo Law Group at [email protected] or call 1-800-680-1717. Our dedicated team is here to guide you through the estate planning process with care and expertise.

Make this the year you take control of your estate planning—your future self and family will thank you!