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The new year is a time for fresh starts, setting goals, and decluttering our lives. While we often focus on physical clutter, it's just as important to review and update our legal and financial affairs, especially our estate plans. Just like fashion and technology, estate plans can become outdated, failing to reflect our current circumstances and wishes. So, as you're making your New Year's resolutions, consider this crucial one: reviewing and updating your estate plan. Why Update Your Estate Plan? Life is full of changes, both big and small. These changes can significantly impact your estate plan, potentially leading to unintended consequences if it's not kept up-to-date. Here are some key life events that necessitate a review: Marriage or Divorce: Marriage creates new legal ties and implications for inheritance. Conversely, divorce severs those ties and requires adjustments to beneficiaries and asset distribution. Failing to update your plan after these events could ...

  Estate planning is crucial to preparing for the future, especially for homeowners. As a homeowner, you have a significant asset that requires future planning. Estate planning can help ensure that your property is distributed according to your wishes and that your loved ones are cared for after you pass away, or it can use your property to earn income as you age. A Will As An Estate Planning Tool For Homeowners One of the most common estate planning tools for homeowners is a Will. A will is a legal document that outlines how you want your property to be distributed after your death. It is important to note that a will only becomes effective after you pass away. With a will, you can name an executor to manage your estate, name guardians for your children, and specify how your debts should be paid. A will can also be used to leave specific assets to named beneficiaries, such as family members or charitable organizations. One advantage of using a will is that it is generally less exp...