As the new year begins, many people set goals for fitness, career, and finances—but what about your estate plan? While financial goals are often at the top of mind, reviewing and updating your estate plan is as equally important to ensure your legacy and finances are protected. The start of the year is the perfect time to review any life changes that took place in 2024 or any anticipated changes coming in 2025. Here are a few estate planning goals to consider adding to your New Year’s plan:

 

Draft a Will or Get Started

If you haven’t created your estate plan yet, now is the time to start. Begin by drafting a will to ensure your assets are distributed according to your wishes. Take inventory of your assets and decide who will inherit your legacy. Meeting with an estate planning attorney can ensure that you’ve checked off all the boxes and your documents are legally sound.

 

Create a Trust

For those with significant assets or complex family dynamics, a trust can be a crucial part of your estate plan. Trusts can help avoid the lengthy and costly probate process, giving you more control over how and when your beneficiaries receive their inheritance. Trusts can also provide privacy and further protect your assets.

 

Update Your Estate Plan

If you already have an estate plan in place, it’s a good idea to review it annually. Life changes quickly—new births, marriages, deaths, or newly acquired assets can affect your estate plan. Ensure your documents are up to date so your wishes can be met when you are no longer around. Don’t leave anything up to a guessing game.

 

Maximize the Inheritance

You’ve worked hard to build your assets, don’t let taxes eat away at your legacy. Ensure your every penny stretches as far as possible with proper planning and strategies like gift-giving, life insurance, and trusts, which can reduce taxes on your estate. Every legacy is unique, and an experienced estate planning attorney can help you navigate these strategies and choose the best one for your specific situation.

 

Communicate Your Wishes

One of the best steps you can actively take in estate planning is talking to your loved ones about your final wishes. Talking about estate planning with your family may be an uncomfortable topic, but open communication now can prevent confusion or conflicts down the road. Ensuring your family clearly understands your intentions can make the distribution of your estate smoother when you are no longer around.

The goal in estate planning goes beyond protecting your assets, it’s about your loved ones being cared for, no matter what life brings. Gain peace of mind by updating your estate planning documents annually or after any major life changes.

 

Contact Deliberato Law Center

If you’re ready to update or start the estate planning journey, give us a call at (216) 341-3413 or fill out the form below. Our team at the Deliberato Law Center is here to guide you through the estate planning process and help maximize your legacy.