It’s that time of year again; and while you’re resolving to lose weight, exercise more or break that annoying habit, why not throw a few resolutions toward your estate and retirement? Here are a few ways you can take the first steps toward a stronger financial future this year.
- Create a will: Did you know that more than half of Americans with minor children at home don’t have a will? A resolution to create a will in 2015 (or update an existing will) is a big step toward making sure that you’re estate planning is on track.
- Review your beneficiaries: While you may assume that your will designates all of your beneficiaries, you may be incorrect. The beneficiaries of your IRAs, 401ks and life insurance policies may all differ from the beneficiaries of your will or trust. This year, review your accounts to ensure that your beneficiaries are correct and up to date.
- Check out long-term care options: No one likes to think about a time in life when they may not be able to care for themselves, but the fact remains that most of us will need a long-term care plan eventually. Resolve this year to look into healthcare options for your future. The costs of long-term care could surprise you, and should be a key part of your estate planning.
- Make a schedule: Estate planning isn’t exactly a one-and-done kind of task. A successful estate plan requires regular review and updating. This year, create a plan for your estate plan. A simple way to do that is to get expert help – like the Law Office of Michael Cahill. Give us a call this year and we’ll help you get your estate in order – how’s that for a happy New Year?
Figuring out long-term plans for retirement, in fact, all of these points are important to take care of sooner in life rather than later. Creating a will is often associated with older people, but you never know when an accident could happen and the last thing you want is for all that is yours to not end up in the right hands. Thanks for the article.
Sam