Estate Plan Updates to Make in the New Year

Millman Law Group estate plan updates

Consider making these estate plan updates with your lawyer in the new year.

If you’re like most people, you enjoy making New Year’s resolutions to start a new year with fresh, clear goals. There may be many things you wish to accomplish this year, and while the more exciting goals can be fun, you shouldn’t forget about the practical steps you can take to prepare for the future. If estate planning is something you have been meaning to get to, now is the time. No matter where you are in your estate planning journey, you can make estate plan updates to keep your future secure. 

If You Have No Estate Plan In Place 

If you do not yet have an estate plan in place, now is the time to find a trusted attorney who can help you create a comprehensive plan. The Millman Law Group lawyers have extensive experience creating estate plans and legal documents like wills, trusts, powers of attorney, and much more. 

Many people put off estate planning because they believe it will be a long and complex process. When you work with an experienced estate planning attorney, this process does not need to be difficult. Once your plan is in place, you can live life knowing that your estate is secure. 

If Your Estate Plan Is a Few Years Old 

If you have an estate plan in place or a trust, you can take this year to confirm whether your assets are appropriately owned. If they are not, your plan may not work as you intended and may cause problems in the future. 

Consult your documents to see how your assets are owned. Then, compare that information to the ownership recommendations your estate planning lawyer gave you after creating your trust. 

If there are any discrepancies, create a plan for bringing your current position in line with the recommendations, and implement it over the next few months. 

If Your Estate Plan Is Several Years Old 

If your estate plan is three years old or more, you should also ensure that your assets are all owned as advised. 

Next, review your estate planning documents to ensure that the people you have named in crucial roles, including personal representative, guardian, and trustee, are still appropriate for those roles. Updating these assignments can be a fairly straightforward process, so contact your lawyer if you think a change should be made. 

Then, look at who is set to receive your assets and how and when they will receive them. Do these arrangements still make sense? If they haven’t already created one, you may want to ask your estate planning lawyer for a summary or flowchart of your estate plan. 

There are always steps you can take to prepare for the future of your estate and family, and the start of the new year is one of the best times to take these steps.

Estate Planning Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.