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Consider estate planning a goal in 2020

| Dec 20, 2019 | Uncategorized |

As the year comes to a close, you may be thinking of the many goals you want to achieve in the coming year. Making New Year’s resolutions is a common practice, but it is also common for individuals to make a few attempts at keeping those resolutions only to let them fall to the wayside just a few weeks (or even a few days) into the new year.

For you, a goal may be to finally create an estate plan. If so, you certainly do not want to put off the task for too long. You could end up telling yourself all year that you will get to it only to make the same resolution for estate planning at the end of next year.

Start thinking now

As 2019 comes to a close, you can start your estate planning journey by considering what you may want to include in your plan. Some ideas to consider include the following:

  • Instructions for disability and long-term care: Too many people think that estate plans address only after-life matters, but your plan can detail how you want necessary care handled.
  • Think about your children and grandchildren: If you want to leave assets behind for younger generations, your estate plan is a great way to do so. You can also use your plan to appoint a guardian if you have children who are minors.
  • Beneficiary designations: Some of your bank accounts, retirement accounts and other accounts have the option of naming a beneficiary to the account. By designating beneficiaries, you can better ensure that those assets will pass directly to the intended recipient.
  • Reducing tax liabilities: Too many people forget to think about estate taxes or the taxes their loved ones may face after receiving certain assets. Your estate plan can help reduce estate taxes and determine how to best bequeath assets without causing financial burdens to your loved ones.

These few examples may help you get started when it comes to thinking about your estate plan. If a realistic goal of yours is to create your plan in 2020, you may want to remember that a knowledgeable New Jersey attorney could help you throughout this process. By having the right help, you may have a better chance of reaching your goal and ensuring that you have made your wishes known.