New Year's Resolution - Create an Estate Plan

As the dust settles on 2020 and we begin to prepare for what hopes to be a better 2021, many of us will make the annual New Year's Resolution.  Most of the resolutions will deal with improving ourselves in numerous ways.  The motivation for many of these goals is to take care of yourself and your loved ones.  

One goal to set for 2021 is to make sure you have an estate plan in place. This may consist of drafting a will or simply reviewing beneficiaries on your accounts.   Too often, people push this process off until it is too late and their family is left attempting to figure out how matters are to be sorted.

A recent 2020 Q4 Wells Fargo/Gallop Investor and Retirement Optimism Index reports that close to half of the surveyed investors did not have a will or an estate plan in place. The majority of those with some type of plan were over the age of 65.  That leaves a substantial number of families without any type of estate plan in place. 

Estate planning does not have to be difficult or overwhelming.  The fact is that not having some simple documents in place such as a Power of Attorney for Health care or for Property can create a much more expensive problem later on. 

Making a New Year's Resolution to create an estate plan is important and doable. By accomplishing this resolution, you can rest easier and help protect your interests and wishes for your family. 

If you have any questions about preparing an estate plan, please feel free to contact Glick and Trostin, LLC at 312-346-8258.

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