Now that we have started a new year, many have set their new year’s resolutions. Often these focus on short-term health, relationship, emotional, and spiritual goals. However, 2014 is a great time to address a long-term financial goal: planning your estate affairs. Sure, it’s easy to put it off for another day, but, unfortunately, we don’t have control over our mortality.
While you can’t control when you will die, you can control the financial picture you leave behind.
Your estate plan is for your loved ones so that the process of dealing with your financial assets is as easy as possible. Updating or creating your will, naming an attorney-in-fact to manage your financial and health care decisions if you become unable to do so, and providing instructions in a living will with your decisions about life-prolonging procedures are all addressed in your estate plan.
You can also avoid family fights over heirlooms and household items by designating the recipients within your plan. And, if you have children at home, naming a guardian is also an important decision that needs to be properly documented.
The KDDK Estate Planning Practice Team can help you fulfill this important resolution in 2014. For more information, please contact KDDK attorney Allison K. Comstock at (812) 423-3183 or AComstock@KDDK.com, or contact any member of the KDDK Estate Planning Practice Team. We look forward to meeting with you to accomplish these important planning goals this year.
About the Author
Allison K. Comstock, a Partner at Kahn, Dees, Donovan & Kahn, LLP, in Evansville, Indiana, is a member of the firm’s Business Law, Estate Planning and Probate Administration, and Real Estate Law practice teams. Allison assists individuals in developing their estate plans to effectively utilize available estate and gift tax exemptions and provide for the strategic transition of assets to children and incapacitated family members. She advises executors and trustees during the process of probate and trust administration. Allison enjoys utilizing her experience to find practical and successful solutions to her clients’ challenges, and takes the time to understand each client’s situation to provide personalized service.