With 2017 in full swing, many of us are working on some resolutions we want to complete this year. Some of us may have already broken a resolution or two. But it’s not too late — or too early — to start thinking about ways to make this year better than the last.
Estate planning is one way you can do this. However, because this type of planning involves some difficult decisions and conversations, many people in Texas feel inclined to avoid it. But rather than do this and leave yourself, your assets and your loved ones vulnerable to costly mistakes, you can commit to tackling this process in 2017.
As with any resolution, in can be easier to start with a few smaller steps instead of diving in head first. Draft a will or assign powers of attorney. Start with some basic planning tools and then decide if more sophisticated solutions are needed.
Even if you already have a plan in place, you can still do yourself and your family a favor by reviewing it to ensure it still reflects your wishes.
This Forbes article (and this recent post on our blog) points out some events that can and should trigger a review of your estate plan. Generally speaking, you will want to revisit an existing plan after any significant event from marriage and divorce to death or addition of a new family member.
Whether you are just starting to think about your wishes for the future or you are considering making some changes to existing plans, following through can give you a great sense of relief. Keeping resolutions is difficult, particularly if it involves legal processes and long-term planning. However, in the end, working through this process with the help of an experienced attorney can prove to be one of the best decisions you make for yourself and your loved ones in the years ahead.