The end of the year is the perfect time to tap into that resolutions energy and get your financial plan in order. If it’s been some time since you reviewed your documents and your overall financial strategy or estate plan, now is the perfect opportunity to do it.
Reviewing Your Estate Plan
Meeting with an estate planning lawyer in MA doesn’t even need to be your first step, you may want to take a look at the documents you already have in place and determine what changes might need to be made in order to address your primary interests. An estate planning lawyer can then help you make adjustments to your plan as is necessary. Two big areas worth looking into at the end of the year are your insurance coverage and your estate plan.
Insurance Coverage Audit
An insurance audit should be looked at across the board, from homeowners’ insurance to car insurance to life insurance and more. You want to make sure that you have enough protection for the property that you own, and you may also want to consider whether asset protection planning is an additional estate planning step you should take due to the value of the assets that you own.
Protecting Your Assets
Protecting these assets through insurance alone is important, but it is also valuable to think about whether or not this exposes you to additional risk from predators or creditors who may see these as collateral or items they can get in suing you or pursuing you. And evaluation of your asset protection planning risk is essential with a knowledgeable lawyer. At the end of the year, it’s also a great opportunity to review other key estate planning documents, such as your powers of attorney, living wills, trusts, and last will and testament.
