Cortes Law Firm, Estate Planning, Probate, Trust Administration
What should I do in the New Year 2022?
Happy New Year, guys. This year has been a long time coming. And today we’re going to talk about the three things that you should do in the new year for your estate plan.
The first thing is talk to your family. Talk to your spouse. Talk to your partner. Talk to your kids or whoever your heirs are going to be, and ask them what they think about you doing your estate plan or what they might even be thinking that they should be getting from your estate plan.
You might have completely different views on what should happen as part of your estate plan. It’s important to remember that your estate plan is 100% your estate plan, but it can be nice to have input from family, especially your children, and to kind of get an idea of where they are and what they’re feeling. It does not mean and you shouldn’t do what they want.
THIS IS YOUR ESTATE PLAN
The next thing you should do in the new year is talk to your insurance provider and make certain that you have all the insurance you need. Life insurance you may need to adjust it either up or down, or maybe you turn in a policy.
I don’t know, but talk to your insurance provider on what kind of life insurance you have.
Do you still need it? Do you need more?
All of these things should be done on an annual basis to make sure that your bases are covered and that your spouse or your partner and your kids are taken care of if something happens to you.
You also need to make sure that you have enough long term care insurance. If that’s even something that plays into your estate plan, talk to a long term care insurance agent and make sure that you’re covered. I will tell you guys that the earlier that you get your long term health care, the better as far as your prices are going to go.
Make sure you have all of that in place. While you’re talking to your insurance agent. You might as well even check to make sure you have adequate health insurance.
That’s another big one that has come up, obviously in the last few years. And so you want to make sure that you’re covered.
Again, if something unfortunate were to happen to you, you want to make sure you have enough life insurance. You want to make sure that you have long term care insurance and you want to make sure you have the correct amount of health care insurance. All very important.
In the new year, talk to your insurance agent and just kind of get an idea of what you may or might not need.
ESTATE PLANNING ATTORNEY NEAR YOU
The last thing you should do, or maybe it’s the first thing, is talk to your estate planning attorney on your estate plan, even if you already have an estate plan. The beginning of the year is a perfect time to sit down with your estate planning attorney and see if there has to be any changes made to your estate plan.
We always tell our clients after they sign on the dotted line for their Revocable Living Trust centered estate plan, that I want to meet with them at least once a year to go over their estate plan. And the reason is there are things that happen in your life that you might not think are that important.
As estate planning attorneys, we hear these and they may not be red flags. They may just be yellow flags kind of caution areas. And we may want to talk to you about that and advise you on which way we think you should go and if there needs to be an adjustment to your estate plan at all.
It’s the perfect time once a year to come into our office.
Go into your estate planning attorney’s office, have coffee with them, spend an hour and figure out if anything needs to be done. Probably eight out of ten times, nothing has to be done. But those two times you want to make sure that you get them right.
If you don’t have an estate plan again, the new year is the perfect time to sit down with an estate planning attorney and go over what your wants are. Your needs are what your dreams are to get an estate plan created specifically for you.
Talk to your family, you talk to your insurance provider, you talk to your financial providers, too. I didn’t mention them and you talk to your estate planning attorney and just have meetings with everybody to figure out what is going to be best for you. You’re estate planning attorney can create the perfect revocable living, trust centered estate plan made and tailored specifically to you.
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