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6 Estate Planning Resolutions You Can Make For A Better 2023

Jan-06 2023

As we start a new year, it's a great time to think about the future and to make some New Year’s resolutions. Many people resolve to change their lifestyle habits such as eating healthier or heading to the gym.  While we believe those are important too, consider adding “estate planning” to the top of your list this year.  Here are 6 estate planning resolutions to give you and your family members peace of mind and make sure that your wishes are respected. 

1. Write a Will

A will is an important document that ensures your loved ones are taken care of in the event of your death. Without a will, your assets may be distributed according to state laws, which may not be in line with your wishes. Writing a will also reduce stress and anxiety for your family members after you're gone. They won't have to worry about the future or guess what you would have wanted.

2. Choose a guardian

Assigning a guardian for your children is crucial. While you hope you never need it, you'll be glad to have done it in the event that you or the other parent are no longer able to care for them. In the event of a tragedy, you want to make sure that your children are taken care of and that their care is managed by someone you know and trust. By assigning a guardian for your children, you can ensure that your children will be taken care of in a way that you would have wanted. This will provide your children with stability and security during difficult times.

3. Protect your pets

Completing a pet directive is a great way to make sure your furry friends end up in good hands. A pet directive is a document that outlines who will care for your pet in the event of your death or incapacitation. It can also provide instructions on how to care for your pet, such as their diet, exercise routine, and medical care. Having a pet directive is important because it ensures that your pet is taken care of if something were to happen to you. This document can provide you and your family members with peace of mind and make sure that your pet is taken care of in the event of the unexpected.

4. Organize your digital assets

Organizing your digital assets has become more and more important in our digitally-growing world. As a new addition to the estate planning process, few companies outside of GoodTrust, including attorneys, have the ability to help you manage and pass these on along with your other assets. Using your GoodTrust Digital Vault to secure your online accounts, such as social media accounts, bank accounts, and investment accounts, can help your family members access these accounts in the event of an emergency or after your death. This can be especially helpful when it comes to closing out accounts or transferring assets. Documenting where your digital assets are will also help you keep track of them and protect them from being misused. 

5. Complete a financial POA

Completing a financial power of attorney is an ofter over-looked step in planning for the future. A financial power of attorney is a document that gives someone else the authority to handle your finances if you become incapacitated. This person will be able to manage your bank accounts, make investments, and pay your bills on your behalf. Having financial power of attorney is important because it allows someone you trust to take care of your finances if you become incapacitated. This can be especially helpful if you have a disability or illness that prevents you from managing your own finances. This way, you can rest assured that your finances are in good hands.

6. Make healthcare decisions

A health care directive is a document that can help ensure your wishes are respected if you become incapacitated. This document can include instructions on what treatments you would or would not like to receive, as well as designate a person to make medical decisions on your behalf. Having a health care directive in place is a good way to plan for the future and give yourself and your loved ones peace of mind.

It's never too early to start planning for your future. A comprehensive estate plan has all the tools to ensure your wishes are carried out and that your loved ones are taken care of in the event of a tragedy or emergency. While it's something we don't like to think about, it's important to have a these items in place in case the worst happens. Creating a will is easy and can be done from the comfort of your own home. Just click here to get started: https://mygoodtrust.com/will