As the calendar turns and a new year unfolds before us, many of us are engrossed in developing resolutions centered around personal growth, health and career aspirations. While these are undoubtedly crucial aspects of our lives, there is one vital area that often gets overlooked – your estate plan.
An estate plan is more than just set of legal documents; it is a roadmap that guides the distribution of your assets and the execution of your wishes when you are no longer able to make those decisions yourself. Life is dynamic and constantly changing, and your estate plan should reflect this. The experts at MacMillan Estate Planning can help you safeguard your significance and revisit your estate plan in 2024.
When developing an estate plan, the experts at MacMillan advise that you should consider any significant life events that may have transpired. Have you welcomed a new family member? Have there been changes in marital status? Life is marked by constant change – marriages, births, divorces and deaths. Acknowledging these shifts allows you to tailor your estate plan to the current composition of your family and ensure that your wishes align with your present circumstances.
Your financial situation is bound to evolve over time. Whether it's acquiring new assets, selling property or experiencing fluctuations in investment portfolios, your estate plan should reflect your current financial standing. Take the time to update beneficiary designations, review your will and assess the efficacy of your trusts. Ensuring that your assets are distributed according to your wishes requires a plan that adapts to your financial journey.
Health considerations should also play a pivotal role in estate planning. Your health directives, power of attorney documents and end-of-life care instructions may need adjustments based on changes in your health status or medical preferences. It is important to revisit these elements, ensuring that your loved ones are equipped to make decisions in line with your wishes.
The legal and tax landscape is ever evolving, and MacMillan can help you make the best sense of how the legalities and tax implications may affect you and provide you with the best advice to protect yourself and your assets. Estate planning is not a static endeavor, and it's crucial to stay abreast of any legislative changes that may impact your plan. Reviewing your estate plan provides an opportunity to ensure that it aligns with the latest legal requirements and leverages potential tax benefits.
In an age dominated by technology, it's essential to consider your digital assets in your estate plan. From online accounts to cryptocurrencies, your digital footprint is a part of your legacy. We’re here to ensure that your estate plan includes provisions for the management and distribution of digital assets, along with guidelines on how to handle your online presence after your passing.
2024 offers a strategic moment to revisit and recalibrate your estate plan. It's not merely a legal task; it's an investment in the legacy you leave behind and the well-being of those you care about. Make 2024 the year you prioritize the longevity and relevance of your estate plan – a resolution that transcends time and ensures your wishes endure through the changing seasons of life.
The MacMillan Estate Planning team is here to help you reach your financial goals and safeguard your significance, whether it’s by auditing your current estate plan or creating a new one for you – contact us today to have a conversation about creating or updating your estate or will planning.