On December 31, 2015

Reasons to Resolve to Develop an Estate Plan in 2016

Reasons to Resolve to Develop an Estate Plan in 2016

The New Year is a time for resolutions. For many people, this can mean prioritizing certain personal and financial changes for the New Year. While those resolutions can be great goals for 2016, here’s why it’s also time to include estate planning as a focus for the coming year.

Why to Focus on Estate Planning in the New Year

Some of the main reasons why having an effective estate plan in place is so important include that it can:

  1. Protect your minor children – If you have minor children, formalizing plans for their care in the event of your (and/or the other parent’s) death or incapacitation is important. Without formal plans in place, decisions about their future care may be left up to the court – and the outcomes of these decisions may be far from your wishes.
  2. Protect your legacy and yourself – Do you own interests in a business? If so, estate planning can help you pass on these interests and protect the investment for generations to come. Even if you don’t own a business, however, estate planning can be critical to formalizing plans for your wishes should you become incapacitated. These plans can provide powers of attorney, end-of-life directives and other crucial elements that can ease your loved one’s stresses during difficult times while ensuring your wishes are carried out.
  3. Minimize your loved one’s future liabilities – Do you owe a significant amount of debt? Or are you concerned about minimizing your loved one’s probate and/or future estate tax obligations? If so, now is the time to make plans to ensure that the lion’s share of your estate stays with your loved ones, rather than going to creditors and/or the tax man.
  4. Give you some peace of mind – You never know what tomorrow will bring. If you develop an estate plan sooner (rather than later), however, you can give yourself some peace of mind that, regardless of what tomorrow holds, you and your loved ones will have the proper protections in place to minimize your  future stresses – and to preserve what matters most to you.

Already Have An Estate Plan? 2016 May Be the Time to Update It…

If you’ve recently experienced a major life or estate change – or if it’s simply been some time since you have revisited your estate plan, the New Year is a great time to review and update. Regularly revising your estate plan is the key to ensuring it’s always reflective of your wishes – and that it always is holding the power you intend it to have in the future.

Contact a Denver Estate Attorney at JR Phillips & Associates, PC

When you are ready for assistance with estate planning and/or probate in Colorado, you can turn to a Denver estate attorney at JR Phillips & Associates, PC. To discuss your options during an initial consultation, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Drafting Wills, Estate Planning