The New Year is just around the corner, so this is a great time to start thinking about your estate plan. 2020 is going to be a year of many changes, with a presidential election and new laws from last year starting to be enacted.
In 2020, you can take steps to get a firmer grip on your finances and estate. One good thing to do is to start estate planning or to update your estate planning documents.
When you’re creating an estate plan, one of the first things to do is to reach out to an attorney who is experienced in probate and estate planning. During your meetings, you can set up an advance health care directive and your durable power of attorney. You can talk about who you’d like to have inherit your home or other assets if you pass away and make accommodations for children or pets.
This is also a good time to look into your retirement plan and how it might affect your estate. If you don’t have retirement through your employer yet but are able to get it, now could be a good time to max the amount your employer is matching.
Another step to take in the next year is to pay down your debts. As you get older, you will see years of peak earnings as well as years where your earnings decrease. You want to have your debts low enough that you can live comfortably in either situation, especially as you approach retirement.
Your attorney can talk with you more about estate planning and what you can do to get a good start in 2020.