The New Year is just around the corner and we can hear it already: this is the year I’m going to get my financial life in order. But, like similar resolutions promising healthier diets and more consistent workout schedules, the resolution to get finally organized is oftentimes forgotten before we even make it to Martin Luther King Jr. Day.
The intention is there. But life is just so busy, and the decisions you need to make are just so complex, and surely this can wait another day, week, month…
…and it’ll be 2020 before you know it. And you’ll be sitting in the same spot, exactly where you are today: feeling financially overwhelmed and unconfident in your estate plan.
Part of the reason that New Year’s resolutions are rarely seen through is because we overgeneralize our goals. We resolve to “get in shape,” rather than to exercise for 20 minutes every day. We resolve to “lose weight” rather than cut back on refined sugars and fats. We resolve to “get financially organized,” rather than to review our estate plan, set up a will and trust, or plan for Medicaid.
We came across a great article in Forbes about how to determine exactly which financial areas of your life needs the most attention in the New Year. The article suggested making a list of all the financial aspects of your life—cash flow, budgeting, debt, risk management, investments, retirement, estate planning, etc.—and then categorize them based on how confident you are in that area. Areas of low confidence should get your attention in the New Year. Easy as that.
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So, how confident are you in your estate plan? When is the last time your estate plan was reviewed? Do you even have an estate plan to begin with? If something happened to you tomorrow and you were incapacitated or worse, would your legacy live on? Would your family be protected from a costly, time-consuming, public probate process? Would your assets be distributed to people and philanthropic organizations exactly as you want?
If you can answer those questions confidently and to your satisfaction, then well done. If you can’t, then maybe 2019 should be the year that you resolve to get your estate planning documents in order. Even if you don’t feel you have enough assets to necessitate an estate plan, the truth is that everyone needs at least a will and trust to prevent messy, emotionally-charged posthumous family feuds.
Contact Estate Planning Law Group of Georgia
Attorney Jim Miskell and the estate planning experts at Estate Planning Law Group of Georgia can help answer your estate planning questions and ensure your assets are protected now and in the future. Make this the year you finally get your estate plan in order—you deserve the peace of mind that comes with knowing your assets are protected—and your family deserves the same. Contact us to register for a free workshop at 10:30am on January 10, 2019: 3 Easy Steps to Protect Your ‘Stuff’
Happy New Year!
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