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Your
Most Important
New
Year’s Resolution:
Getting
Your Estate in Order
Happy New Year to all.
Every January, millions of Americans resolve to lose
weight, exercise more, or learn a new skill. These are admirable goals. But
there’s one resolution that matters more than all of them combined—one that
most people avoid because it forces them to confront their own mortality.
Get your estate in order. Not
next year. Not when you retire. Now.
The Problem With Tomorrow
Here’s what I see constantly in my practice: people
who thought they had time. The middle aged who planned to update their
document sometime “after the holidays.” The couple who meant to create a
trust before their European vacation. The business owner who was going to
address succession planning “once things slowed down.”
Things never slow down. And tomorrow isn’t guaranteed.
When someone dies or becomes incapacitated without
proper planning, their family doesn’t just grieve—they fight. They fight
with each other over what you “would have wanted.” They fight with the
probate court over assets that should have passed privately. They fight
with the IRS over taxes that could have been minimized or eliminated. And
they fight these battles at the worst possible time in their lives.
What “Getting Your Estate in Order” Actually Means
This isn’t just about having a will—though if you
don’t have one, that’s where you start. A comprehensive estate plan
includes:
Essential documents: A trust, will, durable power of
attorney, healthcare surrogate designation, and living will. These form the
foundation. Without them, the state makes decisions for you, and those
decisions probably won’t match what you would have chosen
Asset protection: Proper titling of assets,
beneficiary designations that coordinate with your overall plan, and trust
structures where appropriate. Most people’s estates are accidentally
designed to maximize probate costs and family conflict.
Tax planning: Depending on your situation, strategies
to minimize estate taxes, income taxes on inherited assets, and capital
gains. The difference between good planning and no planning can be hundreds
of thousands of dollars—money that could go to your heirs instead of the
government.
Incapacity planning: Documents and structures that
ensure someone you trust can manage your affairs if you can’t. The
alternative is a court-supervised guardianship—expensive, public, and
degrading.
Digital assets: Access to online accounts,
cryptocurrency, and digital files. Without proper planning, these assets
can vanish or become inaccessible
Why This Year
You probably think you’re too young to worry about
this. You’re not.
Estate planning isn’t about death—it’s about control.
It’s about ensuring that if something happens, your wishes are followed,
your family is protected, and your assets go where you intend. Every adult
with any assets or anyone who depends on them needs basic planning. If you
have minor children, significant assets, a business, or a blended family,
you need comprehensive planning.
The complexity of your life doesn’t decrease with
time—it increases. You acquire more assets, relationships become more
complicated, family dynamics evolve. The longer you wait, the harder the
planning becomes and the more opportunities you miss for strategies that
require time to implement effectively.
The Cost of Inaction
Attorneys charge significantly more to fix estate
problems after death than to prevent them during life. The court costs,
legal fees, and taxes that result from poor planning or no planning dwarf
the cost of doing it right.
More importantly, the emotional cost to your family is
incalculable. I’ve watched adult children destroy their relationships over
estates that could have been administered smoothly with proper planning.
I’ve seen surviving spouses forced to sell family homes to cover taxes and
expenses that were entirely avoidable. I’ve witnessed families torn apart
by disputes that never should have occurred.
Make this the Year
Other New Year’s resolutions might improve your life.
This one protects everything you’ve built and everyone you love.
Have the conversation you’ve been avoiding. Make the
decisions that need to be made. Sign the documents.
Then you can focus on losing those ten pounds—knowing
that whatever happens, your family is protected.
***
This article is intended for informational purposes
only and does not constitute legal advice. For advice regarding your
specific situation, please contact our office to schedule a consultation.
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