The New Year brings many new beginnings. We often start the New Year with good intentions and resolutions to lose weight, exercise more, curtail some of our other less than healthy habits, be kinder, more patient, travel more, and maybe complain less. But is there anything else we should be thinking about as we hang the fresh, new calendar on the refrigerator door? Yes, this is also a great time to review your estate plan to be sure that any changes to your family situation, financial situation and medical situation are addressed. There are often new tax laws that take effect in the New Year that could impact your estate plan.
Ask yourself, did you get married or divorced this year? Did you add a child or grandchild to the family? Did a spouse, parent or child pass away? Did you inherit anything from someone else? Did you buy a new home or vacation property? How about a new boat or RV? Is a family member ill or has someone become disabled? Did you or your spouse retire or get that great new job? Also consider your New Year’s Resolutions and how they might impact your estate planning. Do you plan to get married, to have another child, to retire, to travel, to buy a vacation home? If the last time you reviewed your estate plan was when your now adult children were in elementary school, now is the time to take another look.
So as 2016 begins and you break out the workout clothes, renew your gym membership, and peruse the travel magazines, add to your to-do list a phone call to your estate planning attorney. A short visit now to review your estate plan and any life changes that have occurred or will occur this year, could save your loved-ones a tremendous amount when the time comes to effectuate your estate plan. This is one resolution that you definitely need to keep.