People set New Year’s resolutions to improve themselves or their lives. They look at their circumstances and long-term desires before setting a goal for the upcoming year.
Some people might aim to read a certain number of books before the year ends. Others might hope to add more vegetables to their daily menus or lose a certain amount of weight. Practical, achievable New Year’s goals can help people feel accomplished and can set them up for better lives in the future.
Creating a will and other estate planning documents is a reasonable and achievable New Year’s resolution.
Estate planning shouldn’t wait
Most adults understand that they need an estate plan. They simply overestimate how long they have to draft documents. People never know when they might experience an emergency that renders them incapacitated or results in their death.
People who are decades below the average life expectancy may die unexpectedly. The unpredictable nature of life is one reason why it is so alarming that only 32% of adults, or just under a third, report having a will.
Without a will, an individual has no control over their legacy after they pass. Their closest family members inherit their property based on state law rather than their personal wishes. When a person dies without a will, their loved ones may end up fighting with one another about their most valuable property or assets that have emotional value. Their children and spouses may not receive the protection they deserve.
A will allows an individual to take control of their legacy and leave meaningful bequests for the people who matter the most to them. They may be able to provide support for charitable causes. They can also select a guardian to take care of their children if they are a parent.
Creating a will may only take a few hours in some cases. People may also be able to expand on that basic will by drafting advance directives, establishing powers of attorney or even funding trusts. Those additional documents can further strengthen their legacy, as well as the protection and guidance for their loved ones in an emergency scenario.
Instead of putting it off for another year or indefinitely, taking control of the future by creating an estate plan in 2026 is an excellent New Year’s resolution. People who start the year off by protecting themselves and their families can feel a sense of accomplishment and enjoy the year with greater peace of mind.