Is the new year a good time to think about estate planning?
A lot of people in Tennessee start each new year off by making resolutions. In many cases, people make these resolutions as promises to themselves that they will make themselves better in some way, such as physically, socially or even spiritually. However, it would be a mistake to overlook the possibility of making financial improvements regarding the assets you own. For example, is the start of a new year the perfect time to think about estate planning?
The quick answer is "yes," but, in reality, any time of the year is a good time to think about estate planning. Having an estate plan is so important, yet many people never do it, or wait far too long. Unfortunately, this is often due to the fact that many people simply do not know where to start.
Well, for starters, each estate plan will likely include some basics documents, including: a will; trusts; power of attorney documents; and medical care directives. Many people have life insurance policies too, which can be referenced in an estate plan but will pay out directly to the appointed beneficiary without going through the probate process.
Although these are the typical, basic documents that might be included in any given estate plan, each person's finances and family situation is different. Tennessee residents who believe that the new year is a good time to finally get around to drafting their estate planning documents may need to get more information about what will work in their own unique circumstances.