Start the New Year with a Fresh Look at Your Estate Plan
The beginning of a new year brings the perfect opportunity to reflect on the past and plan for the future. While many focus on resolutions, it’s also a prime time to revisit your estate plan. Life changes quickly—new family members, financial shifts, or major milestones can render an outdated estate plan ineffective. For those without a plan, there’s no better time to get started than now.
A well-crafted estate plan is designed to protect your family and honor your wishes, but it requires regular reviews to remain effective. Experts recommend revisiting your plan every five years or following significant life changes, such as marriage, divorce, the birth of a child, or changes in financial status. Without updates, your plan may no longer align with your current needs.
Key Documents to Review in Your Estate Plan
- Durable Power of Attorney
This document grants a trusted individual the authority to manage your financial and legal affairs if you become incapacitated. Without it, your loved ones may face delays and costly legal proceedings to gain control. Make sure this document names a reliable agent and includes alternate choices for added security. - Healthcare Proxy
A healthcare proxy designates someone to make medical decisions on your behalf if you’re unable to do so. It’s crucial to ensure this document reflects your current wishes and includes an alternate in case your primary agent cannot serve. Consider adding a medical directive to clarify your preferences. - HIPAA Release
Medical privacy laws prevent healthcare providers from sharing your information without authorization. A HIPAA release allows designated individuals to access your medical records, ensuring they can make informed decisions in an emergency. This is a vital addition to any estate plan. - Last Will and Testament
Your will outlines how your assets will be distributed and who will oversee the process. It can also name guardians for minor children and include charitable donations. Review your will to ensure all details are accurate and account for recent life changes. - Revocable Trust
A revocable trust not only avoids the delays and costs of probate but also provides flexibility in managing assets during your lifetime. It can help protect against financial mismanagement in case of incapacity and ensures smooth asset distribution after your passing. Consider whether a trust would benefit your estate plan.
Why Now?
Life rarely stays the same, and neither should your estate plan. Documents created decades ago may no longer reflect your circumstances, especially if children have grown, relationships have changed, or your financial situation has evolved. By addressing these changes now, you can ensure that your plan continues to protect your loved ones and your legacy.
Take Control of Your Future
Updating your estate plan may not top your list of resolutions, but it’s one of the most meaningful ways to start the year. At the Law Offices of Charles L. Kurmay, we guide Connecticut families in creating and maintaining estate plans tailored to their needs. Whether you’re revisiting existing documents or starting from scratch, we’re here to help.
Call us today at (203) 380-1743 to schedule a consultation and make 2025 the year of peace of mind.
Disclaimer: This blog post is for informational purposes only and does not constitute legal or tax advice. For advice regarding your specific situation, please consult with an estate planning attorney or tax professional.
