You have the whole year in front of you, and now’s the time to take stock of where you are and what you want to accomplish this year. Are you promising yourself you’re going to finally take that trip? Actually hit the gym? What about preparing yourself and your family for the years ahead?

Whether you’re just starting your estate planning journey or reviewing an existing plan, taking time now can save your loved ones from future stress. At Rountree Losee LLP, we’re here to make the process straightforward and effective, helping you secure your legacy and protect your family.

Remember to Review and Update Your Will and Trusts

Your will and trusts are the foundation of your estate plan. Life changes—marriages, divorces, births, and deaths—can affect your intentions.

• For new planners: Start by outlining how you want your assets distributed and get support from an estate attorney.
• For those with existing plans: Make sure your documents reflect your current wishes.

For example: If you’ve welcomed a new grandchild last year, you might want to include them in your will or trust.

Check and Update Beneficiary Designations

Beneficiary designations on retirement accounts, life insurance policies, and investment accounts override what’s in your will. Failing to update these could cause assets to go to the wrong person.

• New planners: Add beneficiaries when setting up accounts.
• Existing plans: Double-check designations for accuracy.

We’ll guide you through these changes to avoid potential disputes.

Don’t Forget to Plan for Tax Efficiency

Taxes can take a big bite out of your estate if not planned for properly.

• Use gift tax exclusions to transfer wealth while you’re alive.
• Explore charitable giving for tax benefits and to support causes you care about.

We’ll develop strategies tailored to your financial situation to minimize tax burdens for your heirs.

Prepare for the Unexpected: Incapacity Planning

Estate planning isn’t just about end-of-life matters; it’s also about protecting yourself if you become incapacitated.

• Healthcare Power of Attorney and Advance Directives: Appoint someone to make medical decisions for you and clearly outline your medical preferences.
• Financial Power of Attorney: Designate someone to handle your financial affairs.

What Can Happen Without an Estate Plan?

Failing to create or update an estate plan can lead to:

• Probate Delays: Your assets could be tied up in court, taking months or years to distribute.
• State-Determined Inheritance: North Carolina’s intestate laws decide who gets your assets, which may not align with your wishes.
• Family Disputes: Unclear intentions can lead to disagreements among loved ones.

Starting or updating your plan today can prevent these scenarios and give you peace of mind.

Get in Touch with an Experienced Wilmington Estate Planning Attorney

At Rountree Losee LLP, we’re committed to simplifying estate planning for individuals and families in Wilmington. Whether you’re starting from scratch or revisiting an old plan, we’re here to help. Contact us today to schedule a consultation. Let’s ensure your estate plan reflects your wishes and protects your loved ones for years to come.