The end of the year is often the time people will reflect on what is important to them. It is about gratitude, family, and looking forward; for some, it is an appropriate time to get to something they are putting off—such as estate planning.
Such are the moments in which life priorities come into focus. The turning of the calendar brings with it a sense of closure; perhaps it is also an awareness that time passes faster than one thinks. Whatever the case, now is the time when people tend to ensure that their loved ones are provided for, and their directions are made clear.
There is still more than that, though; such times may evoke feelings that call for deeper conversations with family regarding one's legacy and values. When families gather for holidays, there are always conversations regarding the future. Such moments can be some common triggers necessary for some people to finally document it-a will, a trust, or perhaps some legal documents.
That deadline also happens to be one imposed on a lot of people. Clients are reminded by their financial advisors and estate planners about such pleasant tax benefits and why it would be a good idea to get affairs in order well ahead of December 31. That’s the time to take an accurate stock of assets, review all the investments, and effect changes where plans no longer seem in sync with current affairs.
Plus, let's face it-there's also an element of accomplishment to checking a big item off one's list before entering the new year. Estate planning can be daunting, but the feeling of freedom entering January knowing it's done can be freeing.
Ultimately, estate planning means peace of mind. There is an idea that time, opportunity, and motivation could be on one's side at the end of a year. And it is a gift, not just for you, but also for the people you care for the most. And really, what else could be?
If you have questions or would like a free consultation with an attorney, give our office a call at 605-275-5665.