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Three Estate Planning Resolutions for the New Year

January 29, 2020

As you’re making resolutions to do things better in the new year, here are three resolutions to ensure your estate plan is where it should be in 2020:

  1. Resolve to have an estate plan in place. According to a survey, 57% of U.S. adults don’t have an estate plan.1 It’s not just for the wealthy–anyone regardless of age, status or net worth can benefit from having a plan if the unexpected happens. Without one, settling your affairs after you go could affect your loved ones’ financial security. Here are key documents to consider in your plan:
    • A will outlines your wishes for how your assets will be passed on.
    • Healthcare power of attorney designates a person as your healthcare decision-maker in the event you can’t make decisions yourself.
    • Living wills specify what medical procedures you approve of to attempt to preserve your life and provides instructions for your end-of-life care when you’re not able to communicate it.
    • Durable power of attorney allows your designee to take control of your financial and legal matters should you become incapacitated.
    • A trust gives another party authority to manage and handle your assets for the benefit of your beneficiaries.
  2. Resolve to make sure documents are up-to-date. If you already have an estate plan in place, any major life events that have since taken place can have a significant impact on your plan. Did you get married, divorced, remarried or had any additional children? Have you retired? We encourage you to review and make updates.
  3. Resolve to revisit your life insurance. Life insurance can play an important role in your estate planning. Do you have enough coverage to cover your family’s needs when you’re gone? Have you taken into account the costs related to healthcare and the funeral? Life insurance can also help provide immediate funds to cover your debts and taxes related to your estate.

We understand estate planning decisions can be difficult. Create a level of control and certainty for your loved ones with a plan in place. Don’t hesitate to reach out to us. We can assist you in making the right decisions for you and your family’s future.


This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

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