New Year’s Resolution – Time to Update My Estate Plan

New Year’s is a time of reflection. It’s a time to think of the happenings of the past year and look forward to life ahead. While you’re in a contemplative mood, make updating your estate plan a primary New Year’s Resolution.

What Do I Need to Update?

The past year may have dealt you some major life events. Births and deaths, marriages and divorces could all lead to changes in your estate planning documents. Even buying or selling real estate or a business could alter your estate value to the point where you need to revise or create trusts, for example.

Maybe a loved family member now needs special care. Or you or your spouse are facing a serious illness. Long-term care planning or a special needs trust might be a consideration.

Even if you feel nothing major has transpired in the past year, it’s still best to review your estate plan documents. Special attention should be given to the beneficiaries, trustees, and agents you’ve named. Are these people still available and willing to serve? Do you need to make new designations?

You may also be worried about potential taxes. Is it time to think about using tax reduction strategies? Will federal tax reform affect your plans?

For these reasons and more, plan to discuss your concerns with an estate planning attorney.

Wait, I Don’t Have an Estate Plan.

If you haven’t developed your estate plan yet, why wait? Start your new year with a plan for the rest of your life. You see, estate planning is not just about where property goes after someone dies. It’s also about how decisions will be made if you become incapacitated or need help making financial and medical decisions. It’s also about providing for your loved ones.

At the very least, every adult needs a Last Will and Testament, durable power of attorney, living will, and health care power of attorney or proxy.

Take Action Today.

Resolving to get your estate planning in order is not like most New Year’s resolutions. The best reason to develop a great estate plan? Your family and loved ones.

At Law Offices of John Mangan, P.A., we help clients build a solid plan for their estates, then keep that plan up to date. Please contact us at 772-324-9050 to schedule an appointment or fill out our Contact Form. We are located in Palm City, Florida, and serve clients in surrounding communities like Stuart, Hobe Sound, Port St. Lucie, and Jupiter.

 

ADDITIONAL RESOURCES:

3 Essential Tools For Business Estate Planning
3 Reasons To Review Your Estate Planning Now
7 Damaging Misconceptions About Florida Estate Planning
Avoid The High Cost Of Bad Estate Planning
Business Succession: An Important Part Of Your Estate Planning
Diy Estate Planning: Is It Worth The Risks?
Estate Planning 101: Five Essential Steps In Creating A Living Trust
Estate Planning 101: How To Have Difficult Conversations With Your Loved Ones
Estate Planning 101: If You Own Firearms, Consider Creating A Gun Trust
Estate Planning 101: The Advantages And Disadvantages Of An Irrevocable Trust
Estate Planning Basics: Why Avoiding Probate Is Preferable
Estate Planning Beyond The Will: The Importance Of Powers Of Attorney
Estate Planning For Business Owners
Estate Planning For Parents Of Children With Disabilities: Six Key Issues To Consider
Estate Planning: 3 Tips To Help You Begin
Estate Planning: Do You Have A Plan For Your Digital Assets?
Estate Planning: It’s Never Too Early To Begin
Estate Planning: Understanding The Role Of Executor
Four Disastrous Estate Planning Mistakes To Avoid
High Net-Worth Estate Planning: 5 Potential Methods To Help Minimize Estate Tax Liability
How Divorce Affects Your Estate Plans
Isn’t Estate Planning For The Elderly Or The Ultra Wealthy?
Secure Your Legacy: Five Often Overlooked Questions That Must Be Answered By Your Estate Plan
Top Estate Planning Excuses
What Are Some Of The Most Effective Estate Planning Strategies For Asset Preservation?
What To Bring When You Meet With Your Estate Planning Attorney
Why Do I Need To Hire An Estate Planning Attorney?

ADDITIONAL RESOURCES – TRUSTS:

PROBATE & TRUST ADMINISTRATION – AN OVERVIEW
A BRIEF Q&A ON SPECIAL NEEDS TRUSTS
CHRISTOPHER D.
DOES YOUR LOVED ONE NEED A SPECIAL NEEDS TRUST?
ESTATE PLANNING FOR PARENTS OF CHILDREN WITH DISABILITIES: SIX KEY ISSUES TO CONSIDER
ESTATE PLANNING: IT’S NEVER TOO EARLY TO BEGIN
EXECUTING AN ESTATE: 8 KEY DUTIES OF THE EXECUTOR
PAINLESS PROBATE
SECURE YOUR LEGACY: FIVE OFTEN OVERLOOKED QUESTIONS THAT MUST BE ANSWERED BY YOUR ESTATE PLAN
SPENDTHRIFT OR DISCRETIONARY TRUST – WHICH ONE DO I NEED?
SPENDTHRIFT PROVISION: PROTECTING BENEFICIARIES FROM THEMSELVES
WHAT IS A DIRECTED TRUST?
WHY DO I NEED TO HIRE AN ESTATE PLANNING ATTORNEY?

Written by John Mangan, Esq.

John Mangan, Esq.

I’m an attorney in Palm City, FL, and I serve clients throughout Martin County, including Stuart, Palm City, Hobe Sound, and Indiantown, as well as those in St. Lucie County, the Treasure Coast, Palm Beach County, and other parts of Florida. The Law Offices of John Mangan, P.A., is an innovative firm providing estate planning services to clients in Florida. We focus primarily on wills, trusts, asset protection, guardianship, and probate administration.