With the coming of the new year, many people are still sticking to their resolutions. Most of these goals have to do with self-betterment, such as exercising, eating healthier or practicing self-care.
But, by setting these estate planning goals, you can use 2019 to help look out for others someday in the future.
Make sure the family is set
After every few years, it’s a good idea to check in on your estate plan to make sure your loved ones are provided for. To do this, you should ensure that everyone is included if there have been any new additions to the family.
Next, you should reevaluate whether any new interests may mean it makes more sense to change which assets will be inherited by whom.
Finally, consider how your inheritance will be received. You may want to use a trust in order to give away smaller portions of your funds over a longer period of time. A trust can also be useful for transferring the ownership of firearms to family members in other states.
Don’t forget your pet!
Many estate plans are now being used to look out for a pet’s future too. In your estate plan, you can assign a beneficiary that should inherit the pet and even leave behind funds to go toward the pet’s medical and basic needs.
Reevaluate your digital assets
If you haven’t revisited your estate plan in a while, you should make it your goal to reevaluate the digital assets you have acquired. Digital assets might include songs, movies, books or other virtual content you own.
You can also note how online accounts, such as Facebook and Twitter, should be handled. Consider compiling your usernames and passwords and assigning which beneficiary should take on this responsibility.
Seek out privacy
As more elderly people have become targets for financial scams, it has become more common to make estate plans more private.
An estate plan attorney can help explain your options for achieving these estate planning goals and advise you on how to keep these updates private and secure.