Before you know it, you’ll be counting down to midnight to usher in the fresh start of a new year. While reflecting on the events of 2017, almost everyone seems to have one question on their mind: “What should I choose as my New Year’s resolution?”
Although “lose weight” and “travel more” can be good answers in their own right, we suggest taking a closer look at your will or trust. This past year may have brought changes that might affect your estate plan, such as marriage, divorce, a new baby, tragic loss, relationship issues or new property.
If you welcomed a new member of the family, you might include them as a beneficiary. Alternatively, you could limit inheritance according to your concerns. For example, some people may want their child to inherit assets, but restrict access from their child’s spouse.
Even if you have a plan for your estate and no major family changes happened, this is a great chance to examine your tax strategy. Without careful planning, your loved ones could lose a significant portion of their inheritance from estate taxes and fees. Your attorney can keep you updated on tax policies and suggest ways to maximize the benefits from your estate.
Another part of your resolution could be to give more. You can add charitable contributions in your estate plan to go directly to causes you believe in. Once you have no need for your assets, you can donate to medical research, political causes or religious communities, to name a few.
The purpose of making a resolution is to keep it, so be sure to contact an Arizona attorney for help with these impactful decisions. After adjusting your will or trust, you can enter 2018 feeling confident that your loved ones will be protected.