Estate Planning Law: Five Things You Need to Know About Managing Your Assets in 2021

There aren’t many of us who would say that 2020 was an especially good year; due to the pandemic as well as ongoing political division, it was actually pretty tough.

Now that we’re in 2021, a lot of us are feeling a sense of cautious optimism. Be that as it may, it’s still important to plan for the future, and to consider the possibility of illness, death, and calamity. Thankfully, estate planning law provides a number of ways for doing exactly that.

Here are a few specific considerations to discuss with your estate planning attorney in the year 2021.

5 Critical Estate Planning Considerations for 2021

1) It’s important to stay abreast with new policies and regulations.

Elections have consequences, and the transition from the Trump administration into the Biden administration is sure to bring some changes to fiscal policy. Not only that, but there may also be changes to tax and estate planning law right here in California. It’s important to be mindful of any implications that changes have for your estate planning. Your estate planning lawyer can discuss these implications with you in greater detail.

2) Illness and incapacity can happen to anyone.

If there’s any silver lining to the COVID pandemic, perhaps it’s that many of us have been reminded of just how fragile life can be… and how important it is to act now to protect what’s most precious to us. Specifically, talk with your estate planning lawyer about putting a power of attorney or health care directive in place, ensuring your wishes are upheld even if you become medically incapacitated for any reason.

3) An estate planning law firm can help you care for your adult children.

Do you have children who are past the age of 18? If so, you should know that, should illness or accident befall them, you have very limited legal rights over their healthcare decisions. To ensure that you can properly care for them in the event of incapacitation, you may want to talk to them about putting their own powers of attorney into place. Again, speaking with your estate planning attorney is a wise step here.

4) It’s never a bad time to review the structure of your estate plan.

Is your estate structured in a way that will minimize headache and hassle on behalf of your beneficiaries? Will it allow them to avoid the pains of probate court? Has your estate been structured so as to prioritize your privacy and minimize controversy? These are good questions to address with your living trust & will lawyer at least once a year.

5) You should also be thinking about your business. 

One final question to explore with your estate planning attorney: Have you put the right estate planning structures in place to ensure that your business can continue to operate smoothly and efficiently, even if you die suddenly? If you haven’t revisited this question recently, now is as good a time as any to bring it up.

Reach Out to a Trusted Estate Planning Law Firm

A new year brings plenty of new opportunities to manage your assets effectively, and to be sure that you have the best estate planning structures in place.

To review these important points and make any necessary changes, reach out to an estate planning lawyer. Singh Law Firm is a trusted estate planning firm, with a lengthy track record of excellence. We can answer questions about estate law. Make an appointment with Singh Law Firm whenever you’re ready to chat.

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