‘Tis the Season for Estate Planning: Safe Harbor Estate Law’s 10 Holiday Legacy Planning Tips

As experienced estate planning attorneys, Safe Harbor Estate Law regularly sees the turmoil that can follow when an estate plan is non-existent or poorly constructed. This holiday season, consider which estate planning actions – like implementing a will, powers of attorney, and trusts – would provide the greatest benefit and security to those you care most about.

“Holiday gatherings are the perfect time for families to discuss estate planning before the busy year-end arrives,” said Margaret Barrett, estate planning lawyer and founder of Safe Harbor Estate Law. “By getting your legal ducks in a row now, you’ll have peace of mind knowing your loved ones will be properly provided for in your absence. Though it may seem uncomfortable to broach estate planning, your family will ultimately appreciate you taking control and sharing your intentions openly and honestly.”

This holiday season, Safe Harbor Estate Law is providing these ten estate planning tips to help individuals and families make sure their affairs are in order before the new year arrives.

10 Estate Planning Tips for the Holiday Season

#1 Create or Update Your Will or Trust.

Your will is the cornerstone of your estate plan if you don’t have a living trust. It outlines how you want your assets distributed and who will care for any minor children upon your death. It’s important to review your will regularly and update it for any life changes like marriages, births, divorces, etc. An outdated will can lead to family disputes down the road.

#2 Consider Establishing Trusts.

Trusts are like a bucket that holds assets on behalf of your beneficiaries and are managed by trustees of your choosing. They can be useful tools for estate planning goals like avoiding probate, setting up inheritance distributions spanning years,  and setting aside assets for special needs individuals. Common trusts include revocable living trusts, irrevocable life insurance trusts, and special needs trusts.

#3 Review Beneficiary Designations.

Financial accounts and insurance policies often have named beneficiaries on file that dictate where those assets transfer upon your death. These designations trump what may be outlined in your will, so be sure to review them regularly and update them if needed. This small step prevents assets from going to unintended recipients.

#4 Get Powers of Attorney in Place.

Powers of attorney name trusted individuals to handle financial and healthcare decisions on your behalf if you’re ever incapacitated. Having these prevents lengthy and expensive court processes if you’re unable to make decisions yourself. Be sure to choose your trusted individuals wisely and get legal advice regarding specific instructions.

#5 Transfer Property Titles.

To avoid real estate having to go through probate, make sure all real properties, like your home, investment properties, vacation properties, etc., are properly titled in your living trust (or possibly by TODD). Property that is jointly owned or set up in trusts passes directly to new owners and will not be subject to probate delays.

#6 Plan for the Unexpected.

A sudden injury or illness can leave you unable to make your own healthcare decisions. Advanced healthcare directives spell out your wishes for end-of-life treatment and name someone to make medical decisions if you’re incapacitated. These documents allow you to control your care and avoid court-ordered guardianship.

#7 Fund Education Expenses.

If you want to provide for your grandchildren’s or other loved ones’ education, 529 education savings plans are a smart way to set aside funds that grow tax-free. As the account owner, you maintain control over how distributions are used.

#8 Give Back.

For charitably-minded individuals, estate planning tools like donor-advised funds and charitable trusts allow you to both support charitable causes and realize tax benefits either now or in the future when assets transfer.

#9 Don’t Forget to Plan for Digital Assets.

Email, social media, online photos, videos, and other digital property should also be addressed as part of your estate plan. Without proper instructions, it can be difficult for heirs to access these assets. Creating a digital estate plan outlines your wishes.

#10 Communicate Your Plans.

Once your estate plan is complete, be sure to communicate elements to the trusted people you named in your power of attorney, health care directive, and will or trust. Leaving instructions and contacts reduces confusion and ensures your wishes are followed.

Safe Harbor Estate Law in St. Paul provides compassionate legal guidance to help individuals and families thoughtfully prepare their estate plans. With years of experience in wills, trusts, asset protection, probate, and all facets of estate planning, their attorneys carefully consider each client’s unique situation, family dynamics, and intentions when constructing customized plans. Clients find relief in having their affairs in order and knowing their legacy will be protected.

To learn more about Safe Harbor Estate Law or to schedule a consultation, visit their website at https://safeharborestatelaw.com/.

About Safe Harbor Estate Law

Safe Harbor Estate Law is a boutique estate planning law firm serving clients in the Twin Cities metro. Founded in 2013 by Margaret Barrett, Safe Harbor offers legal guidance in wills, trusts, powers of attorney, MediCaid planning, special needs planning, asset protection, probate, and more.

Margaret and her team prioritize educating and partnering with clients to provide strategic and effective estate plans tailored to each family’s needs and goals. Located at 3240 Rice Street, Saint Paul, MN, 55126, the firm has over 60 years of combined experience helping Minnesota families plan for the road ahead.