6 Essential Estate Goals Every Family Should Set for the New Year

Estate plan for new year

As the new year begins, many people focus on resolutions and goals for self-improvement, health, and finances. Yet, one often-overlooked goal is organizing your estate. Whether you’re starting fresh or revisiting an existing plan, setting clear objectives for your estate planning will bring security and peace of mind for yourself and your loved ones. Get started now by taking these key steps.

Prepare or Update Your Will

A will is the foundation of a solid estate plan. It ensures that your assets are distributed according to your wishes and helps avoid unnecessary disputes among family members.

  • If you don’t have a will: Begin by documenting how you want your assets distributed.
  • If you already have one: Review it to ensure it reflects any recent life changes, such as marriages, births, or property acquisitions.

Select the Right Executor

Your executor will be responsible for managing your estate after you pass. Choosing someone reliable, organized, and trustworthy is crucial.

  • Consider a family member or close friend who understands your wishes.
  • Alternatively, appoint a professional executor, such as an attorney or financial advisor, for impartiality and expertise.

Prepare a Living Will

A living will outlines your preferences for medical care if you become incapacitated.

  • This document ensures your loved ones aren’t burdened with tough decisions during emotional times.
  • Work with your attorney to clearly specify your desires regarding life-sustaining treatments, pain management, and organ donation.

Create a Power of Attorney for College-Aged Children

When your child turns 18, they are legally considered an adult. This means you may no longer have access to their medical or financial information without proper documentation. Additionally, you may face difficulty helping them in an emergency situation.

  • A medical power of attorney allows you to make healthcare decisions on their behalf in an emergency, when they do not have the capacity to do so.
  • A financial power of attorney enables you to manage their accounts or handle financial matters if they are unable to, due to illness or incapacitation.

Address Beneficiary Designations

Beneficiary designations on accounts like life insurance policies, retirement funds, and payable-on-death bank accounts can override your will.

  • Review these designations regularly to ensure they align with your estate planning goals.
  • Update them as needed to reflect changes in relationships or family structure.

Consider a Trust for Additional Protection

Depending on your estate’s complexity, setting up a trust may be beneficial.

  • Trusts can help minimize taxes, provide privacy, and ensure a smooth transition of assets without going through probate.
  • Common options include revocable living trusts and irrevocable trusts tailored to specific needs.

Work with the Trusted Team at Churchill, Quinn, Hamilton & Van Donselaar, Ltd for the Right Estate Plan

Navigating estate planning can be complex, but our experienced attorneys can provide invaluable guidance. They will work closely with you to ensure your documents are legally binding as well as address all aspects of your unique circumstances. The start of the new year is the perfect time to prioritize your estate plan. Contact our office at 847-223-1500 to start the process or review your existing plan, and make your peace of mind a priority in 2025.