New Year, New Plans: Estate Planning as a Form of Self-Care for 2024
Many of us are setting goals or making resolutions to care for our health and wellness this time of year. As we embark upon a new year, it makes sense to spend time evaluating our goals and committing to take steps to achieve them. As part of these discussions, we often hear mention of self-care. Estate planning is self-care.
Self-care means something different for all of us, but it can be fairly said that self-care is about wellness, whether physical, mental, or financial health. Carving out the time to assess your goals and formulate an estate plan or update an estate plan is a critical component of financial wellness (both your own and future generations of your family) and your physical and potentially mental health. Why? The core documents of any estate plan will address your financial future (through powers of attorney) and your health care (through an advance medical directive), which impact you while you are living. These documents are often prepared alongside a Will and/or a Trust, which then communicate your wishes and provide for the transfer of your property upon your passing.
Preparing an estate plan is an act of self-care, not only in achieving the final product but also in providing a process and forum for you to have important conversations with your family and loved ones. Of course, the legal import of these documents is critical because if they are invalid or non-existent, state statutes will determine your “estate plan.” But beyond that, often clients find that in engaging in the process of estate planning, they have an opportunity to discuss sometimes scary and difficult topics in a safe place and grow closer to their loved ones as they have authentic conversations about what is most important to them in life, and thereafter.
Contact Maguire Law to learn how to add estate planning to your goals for 2024.
*This blog is for educational purposes and does not constitute legal advice.
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