Navigating the New Year: Estate Planning in an Uncertain Economy
As we step into 2024, the news headlines feel overwhelming. Within local news, there continues to be talk of the increasing cost of groceries, soaring housing costs, general inflation concerns, and on and on. While we're not here to give you financial or tax advice, we can speak to the benefits of keeping your estate plan up-to-date. Let’s dive into how a well-structured estate plan can be an ally in today’s environment.
Estate Planning: Adapting to Change
Adapting to Life Changes: Your estate plan should be a living document, evolving as your life does. Whether it’s a marriage, a new addition to the family, or a change in your assets, your estate plan needs to reflect these changes to ensure your wishes are accurately carried out. A Will prepared by a lawyer should often only require updates when the appointment of executor or the distribution of assets is changing. We draft Wills to address a myriad of assets. But it is important to review your plan yearly (and to review with a lawyer after any major life change or five years - whichever is sooner).
Revisiting Your Will and Trusts: With the new year comes new resolutions, and one of them should be reviewing your will and any trusts you have established within it. Are they still aligned with your current wishes and circumstances?
Considering the Role of Powers of Attorney: A key component of a comprehensive estate plan is a power of attorney (and a personal directive!). These documents allows you to appoint someone to manage your affairs if you're unable to do so. Given the uncertainties of life, it’s crucial to have this in place. An estate planning package from Modern Wills always includes these documents in addition to a Will.
Modern Wills: Your Partner in Estate Planning
At Modern Wills, we’re committed to guiding you through the estate planning process with clarity and understanding. Our approach is tailored to your unique situation, ensuring your estate plan is robust, reflective of your current circumstances, and prepared for future changes.
The Importance of Regular Reviews
Remember, estate planning isn’t a one-time event. Regular reviews are essential, especially in times of change. We're here to help you navigate these reviews, providing the legal expertise and support you need to feel confident about your estate plan.
We’re Just an Email Away
If you have any questions about your current estate plan, or if you’re just starting on this journey, we’re here for you. Our goal is to make estate planning accessible, understandable, and relevant to your life.
If you're feeling uncertain about how these economic changes affect your estate plan, let's chat. Estate planning isn't just about preparing for the end – it's about strategically planning for life's uncertainties, ensuring you and your loved ones are taken care of, no matter what.
Every challenge is an opportunity to reassess and reinforce. Let's make 2024 a year of smart, proactive planning. Let’s make sure your estate plan is as ready for the future as you are. Reach out to us – we’re here to help!
Disclaimer: This article is intended for informational purposes only and does not constitute legal advice. It is limited to the laws in Alberta, Canada. Always consult with a qualified lawyer regarding specific legal questions or concerns.