As the year comes to a close, it’s the perfect time to take stock of your future. If you’re nearing retirement, this is a natural period to shift focus—from building wealth to preserving it and planning for its distribution. It’s an opportunity to reflect on what matters most: taking care of yourself and ensuring your legacy is secure for your loved ones. Estate planning goes beyond simply creating a last will and testament; it’s about crafting a comprehensive plan that reflects your values, minimizes taxes, and safeguards your wishes. Whether it’s updating outdated documents, addressing healthcare decisions, or structuring your assets to benefit your family for generations, careful planning now ensures peace of mind for you and your family in the future. A comprehensive estate plan is a worthy endeavor, says a recent article from North Shore News, “How to secure your legacy with estate planning.” Turn to Trinity estate attorney Sherri M. Stinson to get started.
The Foundation of an Estate Plan
The core components of an estate plan include a last will and testament, power of attorney and advance directives for health care decisions, sometimes called health care power of attorney or health care proxy. Your family will face additional stress and expenses if you don’t have a last will. Your wishes for the disposition of property won’t be honored, unless you proactively have an estate plan created. Creating a revocable living trust provides individuals with more control and flexibility, as well as eases the family’s management of your estate after you pass. Read more in our article, Five Key Benefits of a Revocable Living Trust
Shaping Your Legacy with a Trinity Estate Attorney
Will charitable giving be part of your legacy? This also requires advance planning. When you make donations to individual charities or use Donor Advised Funds, you create a legacy of giving and may also create tax benefits. An experienced estate planning attorney will help create a plan to maximize the tax advantages of charitable gifting.
Why Women Should Call a Trinity Estate Attorney
Estate planning is especially important for women, who statistically live longer than men and tend to have lower earning power. Women need to consider who will be their caregivers if their partners predecease them or if they are solo agers.
Discussing family dynamics with an estate planning attorney can help ensure that the estate plan is created to address individual needs. Estate planning is never a one-size-fits-all plan; Trinity Estate Attorney Sherri M. Stinson will communicate, understand your needs, and help you find solutions.
The Importance of Continuously Reviewing an Estate Plan
Estate planning also requires regular reviews. One estate planning attorney advises her clients to revisit their estate plans every time there’s a presidential election. It’s an easy way to remember the passing of four years, which is a good time to review an estate plan.
A carefully crafted and regularly updated estate plan addresses changes to your life and the laws governing wills, trusts and retirement accounts. The SECURE Act made major changes to how assets in retirement accounts are distributed to heirs, for instance. The addition of Roth IRA and SEP accounts created huge changes in the passing of assets to the next generation.
Secure Your Legacy with the Help of a Trinity Estate Attorney
Your estate planning attorney will give you and your family the peace of mind of knowing you’re prepared for the future, including the unexpected, happy, and sad events that life brings. If you’re ready to begin shaping your legacy, request a consultation with Sherri M. Stinson, the Trinity estate attorney who understands your needs and goals.