Ah, New Year’s resolutions! The time of year when we all pledge to become better versions of ourselves. We promise to hit the gym, eat kale, and finally learn how to play the ukulele. But let’s be honest, by mid-January, most of us are back to binge-watching TV shows and eating pizza. As a real estate and estate planning attorney, I’m here to tell you that while your gym membership might gather dust, your estate planning resolutions can have a lasting impact on your financial health and legacy. So, let’s dive into some resolutions that won’t fizzle out faster than your enthusiasm for kale smoothies.
- Update Your Estate Plan: Because Life Happens
Unlike your resolution to run a marathon, updating your estate plan is something you can actually achieve. Life changes—marriage, divorce, new kids, new pets (yes, pets count too!). Make sure your will, trusts, and powers of attorney reflect your current situation. Trust me, your future self will thank you.
- Organize Your Real Estate Documents: The Ultimate Decluttering
Forget about Marie Kondo-ing your closet. How about organizing your real estate documents? Deeds, mortgage papers, property tax records—get them all in order. It’s like decluttering, but with a side of legal peace of mind. Plus, you won’t have to dig through piles of paper when you need that one elusive document.
- Consider Real Estate Investments: More Fun Than a Treadmill
Thinking about diversifying your investment portfolio? Real estate can be a great option. Whether it’s rental properties, commercial real estate, or REITs, these investments can offer stable returns and tax benefits. And let’s face it, it’s way more exciting than staring at a treadmill screen.
- Plan for Property Transfers: Because You Can’t Take It With You
You can’t take your property with you when you go, but you can decide how it’s transferred. Joint tenancy, tenancy in common, or setting up a trust—each has different legal and tax implications. Choose wisely, and your heirs will thank you (and maybe even name a pet after you).
- Address Property Disputes Early: Avoid Neighbor Drama
Got a boundary dispute with your neighbor? Address it early with the help of a real estate attorney. It’s like nipping a gym injury in the bud—deal with it now to avoid bigger problems later. Plus, you’ll keep the neighborhood BBQs drama-free.
- Evaluate Your Insurance Coverage: More Important Than Gym Insurance
Make sure your property insurance is up-to-date. Homeowners insurance, liability coverage, and any additional policies relevant to your properties are crucial. Unlike that gym membership you never use, this insurance can actually save you from significant financial loss.
- Plan for Long-Term Care: Because Aging is Inevitable
Consider the potential need for long-term care and how it will be funded. Long-term care insurance, Medicaid planning, and setting aside assets in a trust are all options. It’s like planning for your future gym membership—except this one you’ll actually use.
- Engage in Regular Legal Check-Ups: Better Than a Physical
Just like you schedule regular health check-ups (or at least plan to), have periodic legal check-ups. Meeting with your real estate and estate planning attorney annually or biannually ensures your plans remain current and effective. And unlike a physical, there are no awkward gowns involved.
Conclusion
While your resolution to lose weight and get back in the gym might not last past January, your estate planning resolutions can have a lasting impact on your financial health and legacy. So, this New Year, make resolutions that stick. Consult with a qualified attorney to navigate these complex areas and achieve peace of mind. And who knows, maybe this year you’ll actually stick to your gym routine too. Happy New Year! 🎉