New Year’s is fast approaching, which means that many of us are reviewing 2022 and deciding what we can do better in 2023. We’re also identifying new goals based on everything that’s happened this year.
Estate planning should be on everyone’s agenda for 2023: either creating a new one or updating the plan you currently have. It’s easy to do with the help of a Kentucky estate planning lawyer, and you set yourself up for success that goes well beyond the accomplishment of keeping a New Year’s resolution.
Create a New Estate Plan
A recent study by Caring.com suggests that while more people in the 18-24 year age group are setting up estate plans since the pandemic, a significant portion of U.S. adults still don’t have a will or estate plan.
Estate planning has many purposes, and each individual’s or family’s goals should be determined by their personal preferences, financial situation, and other factors.Your specific objectives for estate planning in 2023 might be:
- Lifelong asset protection and management
- Identifying heirs and providing for loved ones
- Establishing beneficiaries, executors, trustees, powers of attorney, etc
- Nomination of guardians for children or dependents
- Keeping tax burdens to a minimum
- Making a plan for charitable giving
- Business succession planning
After you define your specific goals, an estate planning attorney can help you determine the appropriate legal documents, financial instruments, and planning steps for protecting your assets.
Review Your Estate Planning Goals
Even if you already have a plan in place, you can still make estate planning your resolution for the year ahead. Ideally, you should review your estate plan and documents on a regular basis with the help of an estate planning attorney who can advise you of any changes in state and federal law.
Those who change or update their estate plans sometimes neglect to talk to their families and heirs about them. You can save your family from unexpected surprises after your death by having this conversation sometime in the New Year, so that they know what to expect when the time comes.
Speak With an Estate Planning Attorney Today
People often fail to keep their New Year’s Resolutions because their goals are unclear or they feel overwhelmed or discouraged. Reaching out to a Kentucky estate planning attorney will give you the confidence and information you need to set realistic goals and determine how you will achieve them.
At Kentucky Estate Planning Law Center, we understand how sensitive and personal estate law can be, which is why we offer personalized estate planning and administration services. Whether you are looking to draft your first will or update a plan you’ve had in place for years, we are here to guide you through the changes you face. To schedule a consultation, call 270-982-2883 today.