What Should I Do to Prepare My Estate Plan for the New Year?

New Year planning

As you ring in the new year with your loved ones, you’ll want to take a moment to appreciate the promise of another year with the ones you care about. If you want to ensure they are supported after your passing, updating your estate plan for the new year is crucial. Many things change annually, so revising the document to reflect your current wishes and circumstances is essential. If you’re ready to update your estate plan this new year, you’ll want to keep reading. You’ll learn why this is so essential and how to proceed with the assistance of a Woodland Hills, California estate planning attorney.

Why Do I Need to Update My Estate Plan for the New Year?

Though nothing in life is guaranteed, it’s almost certain that your life and circumstances will differ from year to year. This includes new children, children turning 18, new cars or property, or marriages, which can impact your current estate plan. However, there are many life-changing events that could change your will, so ensuring you include any pertinent information is crucial.

If you want to ensure your estate is up to date, dedicating the time to review and update the document if necessary is essential. Though you can do this at any point during the year, many choose the new year because they are motivated to make the changes. Similarly, it allows you to include any new information that could impact the distribution of your estate.

For example, if you were married this new year or divorced your spouse, you’ll need to update your will to ensure this reflects the change. Similarly, if you came into a large sum of money, like an inheritance, guaranteeing your will or living trust details what you would like to happen to that money is vital for peace of mind.

Should I Enlist the Help of an Attorney?

Though updating your estate plan may seem as simple as making a quick change, you’ll want to have the advice of a competent attorney to assist you. Without their guidance, you risk making an error that invalidates your entire plan, leaving your loved ones left to shoulder the burden of contesting the will.

Achieving peace of mind should be at the top of your resolution list this new year. Updating or creating your estate plan is vital to ensuring you can enjoy the new year without worrying about the future.

If you need assistance updating your estate plan, The Law Offices of Yacoba Ann Feldman can help. With decades of legal experience, we can help guide you through the estate planning process from start to finish. Reach out today to discuss the details of your circumstances.

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