As we are now in the new year, many people contemplate resolutions that will improve their lives, whether it is getting healthier, saving more money, or spending quality time with loved ones. Estate planning, while often overlooked, is a crucial area that deserves attention when setting goals for the year. Whether you are just beginning your estate planning journey or looking to update your plan, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer five estate planning resolutions to prioritize in 2025.
- Create or Update Your Last Will and Testament: If you do not yet have a Last Will and Testament, 2025 is the perfect time to create one. Your Will is the cornerstone of your estate plan, ensuring that your assets are distributed according to your wishes and that your loved ones are cared for in your absence. Without a Will, the State of California will determine how your estate is divided, which can lead to unintended consequences. If you already have a Will, review it to ensure it reflects your current circumstances. Life events such as marriage, divorce, the birth of a child, or the death of a loved one can render your existing Will outdated. Regular updates can prevent future disputes and ensure your wishes are honored.
- Name or Update Beneficiaries: Many people forget that beneficiary designations on accounts like life insurance policies, retirement accounts, and payable-on-death bank accounts override the terms of a Will. Review these designations to ensure they align with your overall estate plan. Life changes may necessitate updating beneficiaries. For instance, if you have recently welcomed a new child, ended a marriage, or lost a loved one, your current designations may no longer be appropriate. By keeping these documents updated, you can prevent unintended beneficiaries from receiving assets or ensure that loved ones are adequately provided for.
- Plan for Incapacity: Estate planning is not just about distributing assets after death. It also involves planning for the possibility that you may become incapacitated and unable to manage your own affairs. In 2025, resolve to create or update critical documents such as a Durable Power of Attorney, an Advance Healthcare Directive, and a Living Will. A Durable Power of Attorney allows you to appoint someone to manage your financial affairs if you are unable to do so. An Advance Healthcare Directive and Living Will outline your preferences for medical treatment, ensuring that your healthcare wishes are followed. These documents provide peace of mind for you and your loved ones in difficult situations.
- Consider Creating a Trust: If you want to avoid probate, protect assets, or provide for loved ones in a controlled manner, consider incorporating a trust into your estate plan. Trusts offer flexibility and privacy that a Will alone cannot provide. For example, a revocable living trust can help your heirs avoid the delays and costs associated with probate, while an irrevocable trust can provide asset protection and tax benefits. Trusts are also an excellent tool for ensuring that minor children or beneficiaries with special needs are financially secure.
- Discuss Your Estate Plan with Loved Ones: One of the most common causes of family disputes after a death is a lack of communication about the deceased’s wishes. To prevent misunderstandings or hurt feelings, resolve to discuss your estate plan with your loved ones in 2025. Explain the reasoning behind your decisions, such as why you selected a particular person as your Executor or why certain assets are being distributed in a specific way. While these conversations may feel uncomfortable, they can prevent significant tension and legal disputes in the future.
Even if you address all five of these resolutions, estate planning is not a one-and-done process. Changes in your life, family dynamics, or the law can impact your estate plan. Make it a habit to review your plan annually to ensure it continues to meet your goals and reflects any changes in your circumstances.
Are You Ready to Get Started with Your 2025 Estate Planning Resolutions?
For more information, please join us for an upcoming FREE seminar. If you are ready to get started with your 2025 estate planning resolutions, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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