End of Year Estate Planning Goals

Time is quickly ticking down in 2022. We’ve got just a few months left to fulfill all of our yearly goals – and estate planning should be on the to-do list before the clock strikes midnight on New Year’s Day.

Positioning yourself well today is a great way to set yourself up for success in the new year. We want to run through some estate planning items you should consider tackling in the next few months.

Start your estate plan

Ideally, by now you’ve already checked this one off your list. We believe all adults should have a plan for their money, assets, and children. If you haven’t already started your estate plan then let’s get to that right away.

What’s important to understand is that while a thorough estate plan is preferred you don’t have to have all the answers on day one of your plan. We can work with you to get your plan in the right place and cover all the aspects you’re ready to tackle by the end of the year.

Review your beneficiaries

This is part of estate planning you should be doing regularly. You don’t want all your hard work to end up in the wrong hands after you’re gone. A beneficiary can be chosen for any reason as long as they can legally inherit what you’ve left for them (meaning minor children would not be eligible unless those assets are placed in a trust to be transferred when they’re old enough).

Did you or a loved one get married this year? Maybe divorced? Life events like this or deaths and broken relationships can be a sign to update your estate plan. The sooner the better simply because we can never predict when bad things may happen.

Consider guardianship or power of attorney designations for your parents

Families often come together during the holidays. For some, that’s the one and only time the whole family will be together in one place at one time. That means some sons and daughters of aging parents may be shocked to find out that their parents are struggling to take care of themselves nowadays.

If this is true for your family, you may want to sit down with your parents and talk about potentially assigning a guardian or power of attorney to help them. A guardian can be someone local to them that can assist in day-to-day and long-term care while a power of attorney can be anyone who would be making financial and healthcare decisions for them. These options should be considered before our parents get too old and are unable to help make those decisions.

‘Tis the season to make sure your estate plan reflects your goals and the reality of your situation. At the Law Offices of Ray Garcia, we can help you form, update, and solidify your estate plan. Our team can also help keep your estate out of probate or walk you through the probate process. Contact us and let’s check this off your end-of-year to-do list.

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Law Office of Ray Garcia, P.A.

Our mission is to provide our clients with legal services that not only meet their needs but exceed their expectations. We approach all practice areas with care, knowledge, experience, and determination. Trusted In South Florida For Decades.

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