With the start of a new year, you may want to refocus your estate plan. This is a good time to review your finances, rethink your priorities, and address the things you want to tackle. This is one New Year’s resolution that is the most lasting for your family.
Remember that estate planning is about protecting your loved ones and making sure your wishes are clear, no matter what the year brings. Here is a look at why estate planning is the ultimate New Year resolution.
Estate Planning Is Important
Many people think that estate planning is only for the wealthy or retired individuals. However, if you own a home, have savings, run a business, or have children, an estate plan can make a huge difference.
Without one, Wisconsin’s intestacy laws will determine who inherits your assets and who makes decisions on your behalf. Unfortunately, those default rules may not reflect your family dynamics, your priorities, or your personal values. A thoughtfully prepared estate plan makes sure those decisions are yours and not made by the state.
The New Year Is the Best Time to Get Organized
For many people, they use January as the time to get organized. They review bank accounts, retirement plans, insurance coverage, and long-term goals. Estate planning can factor into that process.
An estate plan brings all of those moving parts together. It can coordinate wills or trusts, beneficiary designations, powers of attorney, and healthcare directives into a cohesive plan. If you start the year with that structure in place, that can be reassuring.
For many Wisconsin families, making estate planning a New Year resolution helps with procrastination. There is never a perfect time, so the new year is an excellent starting point.
Avoids Probate and Court Involvement
One reason Wisconsin residents choose estate planning is to avoid probate. While Wisconsin probate is more streamlined than in some states, it can still involve court filings, delays, and costs.
Revocable living trusts, beneficiary designations, and payable-on-death accounts can help certain assets pass directly to loved ones without court involvement. When you plan ahead, you have control over how much of your estate passes.
Planning for Incapacity Is Also Important
Estate planning does not focus on what happens after death. It also addresses what happens if you are unable to make decisions for yourself.
You can name someone through financial powers of attorney and healthcare powers of attorney. Without these documents, family members may need to go to court to request guardianship.
A Resolution That Adapts as Life Changes
Life changes quickly, and your estate plans should evolve with it. Marriage, divorce, the birth of a child, buying property, or changes in financial circumstances all affect how an estate plan should operate.
You can use the new year as a time to review or update an existing plan. This helps make sure it still reflects your life today, not the life you had years ago.
Unlike many New Year’s resolutions that fade with time, estate planning provides lasting benefits. Once your plan is in place, it provides protection and clarity year after year.
This delivers long-term peace of mind for you and for those who matter most.
A Thoughtful Way to Begin the Year
So, why is estate planning the ultimate New Year resolution? This is a great time to take control of important decisions, minimize uncertainty, and start the year with a sense of preparedness.
No, you don’t need to have everything perfectly mapped out to begin, but you can start to make this year the year you stop putting it off.
At Collins Law Firm, we can help you with your estate planning needs. Contact us today to schedule a consultation and start the new year off on the right foot.