Many people set personal intentions for the New Year in January. They think about the last year and how they could make the next year even better. Some people plan to go back to school or commit to losing weight. Others plan to spend more time with their families or try new hobbies.
Taking control of one’s personal, financial and legal affairs can be a valuable New Year’s resolution. Adults may want to make a commitment to establishing an estate plan in the new year to provide them with peace of mind and ensure not only their protection but also the protection of their loved ones in the event of an unfortunate occurrence.
Continued procrastination isn’t beneficial
Most people understand that they need to have an estate plan. However, they may find a variety of reasons why they aren’t ready to draft documents yet. For some people, uncertainty about the future may leave them worried that their documents could soon become outdated.
People intending to have more children, for example, may worry about having outdated documents after the birth of another child. For others, the process simply seems unpleasant.
The unfortunate reality is that roughly only 24% of adults have wills and other estate planning documents. If something happens when an individual does not have any documents in place, their family members could be left in a very difficult position.
Documents can address many challenges
Thorough estate plans don’t just detail what happens when an individual dies. They also address medical emergencies and the possibility of decline in the future.
Advance directives can provide family members with guidance if an individual becomes incapacitated and needs others to manage their affairs. Durable powers of attorney can protect people from involuntary guardianships or conservatorships if they develop dementia later in life.
People who have documents in place can feel confident going about their daily lives. They don’t have to worry about putting pressure on their loved ones in an emergency scenario or going without critical support if they experience a major medical event or debilitating accident, such as a catastrophic car crash.
Family discussions are also important
Testators who draft documents often need to discuss their wishes and paperwork with their families. That way, their loved ones know they have taken action and where to find documents if they need them. They are also less likely to fight with one another after an emergency or a tragedy.
Deciding that 2026 is the year to take responsibility for the future can give people a sense of accomplishment and protection. Adults without estate plans and those with outdated documents may benefit from sitting down with a legal professional to create or update estate planning paperwork accordingly.