As we approach the 3rd quarter of 2023, it’s a good time to review your estate plan and ensure it still meets your needs and goals.
Estate planning can be complex, but with the right information and guidance, you can create a plan that provides for your loved ones and protects your assets.
Estate Planning Basics
Estate planning is the process of creating a plan for the distribution of your assets after you pass away. A comprehensive estate plan should include a will or trust, power of attorney, and advance directives for healthcare.
A will is a legal document that outlines how you want your assets to be distributed after your death. A trust, on the other hand, can be used to protect your assets during your lifetime and ensure they are distributed according to your wishes after you pass away.
A power of attorney is a legal document that allows someone you trust to make decisions on your behalf if you become incapacitated. Advance directives for healthcare, such as a living will or medical power of attorney, outline your wishes for medical treatment in the event you cannot communicate them yourself.
Changes in Estate Planning Laws
As we enter 2023, it’s important to note that there may be changes in estate planning laws that could affect your plan different per state. For example, there may be changes in tax laws that affect the way your assets are taxed after you pass away.
It’s important to work with an experienced estate planning attorney who can help you stay up to date with any changes in the law and ensure your plan remains valid and effective.
Estate Planning for Digital Assets
In today’s digital age, it’s important to consider your digital assets when creating an estate plan. Digital assets can include social media accounts, online banking and investment accounts, and digital files.
It’s important to create a plan for your digital assets, such as providing login information and instructions for their distribution, so your loved ones can access and manage them after you pass away.
Reviewing Your Estate Plan
Finally, it’s important to review your estate plan periodically to ensure it still meets your needs and goals. You should review your plan after any major life events, such as the birth of a child, marriage or divorce, or the purchase or sale of a significant asset.
You should also review your plan periodically to ensure it remains up to date with any changes in your life or the law. Working with an experienced estate planning attorney can help ensure your plan remains valid and effective.
Get Help Today & Contact Our Office To Consult With An Estate Planning Attorney
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