Happy New Year, friends! For many people in Raleigh, the start of a new year is time to take a look at their life and set some resolutions. Sadly, estate planning doesn’t make the list as often as it should.
Here are four reasons that estate planning should be part of your new year’s resolutions:
- Peace of mind: The best reason to make estate planning a resolution this year is for the peace it brings. Knowing that there’s a plan for the family, the kids have guardians, the pets have a caretaker and that the assets that someone has worked a lifetime to accrue will be passed on according to their wishes brings a sense of security that can’t be described.
- Knowing your material worth: It’s not often that people step back and look at all their assets as a whole, and how it all fits together. Estate planning allows people to have this view and then take the necessary actions to protect those assets.
- Setting goals: Once an estate plan is in place and individuals know what they own, it naturally leads to goal setting. Perhaps someone might see that they have too much ‘stuff’ and want to liquidate assets and focus on more philanthropic endeavors. Or, maybe the person isn’t able to provide for their children as they had hoped and needs to refocus their finances to do so.
- Practicality: The start of the year usually means that people are getting ready to file taxes. They’re already looking at their accounts, properties, and wealth so it makes practical sense to take on estate planning at the same time.
In a world full of uncertainty, being able to have a plan and control over your estate is worth more than just the combined dollar amount of the assets. The start of a new year is a great time to set up an estate plan. Contact Thornton Law Firm to get started on an estate plan.