Spring Into Action: Don’t Wait to Create Your Estate Plan

By Ellie Mendlik

As February unfolds, marking the transition toward the promise of Spring, the last thing on most people’s minds is confronting the idea of mortality. This natural reluctance can easily lead to overlooking the important matter of “estate planning.” Creating an estate plan may seem complicated and even unnecessary at this moment in your life. However, these plans are crucial because they establish a clear plan for your loved ones when the inevitable happens. These plans can be relied upon while your family and friends are grieving, lessening the decisions they have to make and ensuring your wishes are followed. A carefully executed estate plan can also alleviate potential stress for your family and prevent disputes and confusion in the future.

The most notable document in an estate plan is the will. Your will specifies how your assets will be distributed and how your debts will be settled. It can also provide guidance on managing any taxes owed, designating guardians for minor children, and establishing rules for when they will receive their inheritance. You have the flexibility to be as detailed as you wish, even including personal items like a stamp collection for a specific beneficiary. Alternatively, you can state that each beneficiary receives a certain percentage of your estate or a specific dollar amount.

In some cases, a trust may be a better tool to handle your assets. A properly funded trust may be beneficial in avoiding probate and creating some cost savings for your beneficiaries. Various types of trusts can provide beneficial safety nets after your passing, with some offering advantages that can be utilized during your lifetime.

A proper estate plan should also include a financial power of attorney, health care power of attorney, and a living will. These documents appoint someone to act on your behalf in the event you become unable to advocate for yourself, providing an extra layer of security for your personal and financial health.

I strongly encourage you to consult with your attorney to ensure that your estate plans are legally sound and accurately reflect your current wishes and circumstances. Let 2025 be the year you prioritize this crucial aspect of your life by committing to get your estate plan in order. Taking this proactive step will secure peace of mind for yourself and offer guidance and support to your loved ones when they need it most.