Start the New Year with Purpose: Estate and Business Planning Tips
The New Year often inspires us to set goals for self-improvement, such as reading more, aiming for a promotion, growing our savings, or exercising. Along with these personal and financial resolutions, it’s also an ideal time to focus on your estate and business planning needs.
Estate Planning: Secure Your Legacy
If you already have an estate plan in place, great! This is the perfect time to review your documents to ensure your beneficiaries, guardians, and instructions are up-to-date and reflect any life changes. If you don’t have an estate plan yet, now is the time to start. Here’s what to consider:
- A solid estate plan includes documents that specify who will receive your assets upon your passing (rather than defaulting to state law). This often includes financial and medical powers of attorney.
- Reflect on who should be included in your estate plan and how your assets will be distributed when the time comes.
- A financial review provides you with invaluable information as you begin your estate planning journey. Review your budget, create a plan to pay down any debt, run a credit check to look for items that might indicate fraud, and assess auto-payments or subscriptions you no longer need.
Business Planning: Protect Your Operations
For business owners, it’s good practice to annually review your operations and set a contingency plan for your company. You might consider:
- Updating company manuals – As your business evolves, adjust personnel and procedural manuals to reflect staffing changes, new services, shifts in production, or changes in employment law.
- Reviewing contracts – Evaluate your contracts to ensure they align with your current business needs and address any changes in circumstances.
- Revisiting insurance for proper coverage – Consult with your insurance carrier to confirm that your personal and business coverage adequately meets your needs. Inquire about Employment Practices coverage for added protection.
While most New Year’s resolutions involve a lengthy commitment, these estate and business planning suggestions can be addressed and checked off, at least for another year. By taking these steps, you’ll set a strong foundation for the year and gain peace of mind knowing your plans are in order.
At Wescott Law, we have a team of attorneys ready to help with your estate and business planning needs. Contact us to schedule a consultation.