New Year, New Goals: Make Estate Planning a Resolution

As the new year begins, many of us make resolutions to improve our lives—whether it’s exercising more, saving money, or spending time with loved ones. One resolution that often gets overlooked but is essential for your peace of mind and your family’s security is creating or updating your estate plan.

If you’re in White Plains or the surrounding areas, Parker Law Firm is here to help you take control of your future and protect your loved ones.

How Many Americans Have a Will?

According to a survey by Caring.com, only 32% of Americans have a will in 2024. This is a 6% decrease from 2023, marking the first drop in estate planning rates since 2020. Many Americans cite a lack of assets, procrastination and uncertainty about the process as reasons for not having a will. However, estate planning is vital for everyone, including young people or those who possess few assets.

Why Estate Planning is Important

Estate planning is about more than distributing assets after your passing and is not just for the wealthy. Every adult should have one in place, regardless of their financial situation. Distributing assets and managing the care of children is vital. However, good White Plains estate planning also protects your well-being and values during your lifetime.

Documents like powers of attorney and advance healthcare directives specify your wishes in case you become incapacitated. They put your finances, personal affairs and medical care in the hands of yourself and those you trust rather than strangers appointed by the court. Good estate planning makes stressful, confusing situations more bearable and predictable.

What Happens to Your Money if You Die Without a Will?

Without an estate plan, New York state law decides how your assets are divided, and the results may not align with your intentions explains White Plains Estate Planning Attorney David Parker in his video.

Without a last will and testament or clear estate plan, half of your estate might go to your spouse, while the other half is distributed to your children. If your children are minors, they may inherit their share at 18—an age when most lack the financial maturity to manage a significant inheritance responsibly.

Additionally, your spouse could face financial strain, with only half of the estate to manage the family home and other expenses. A comprehensive estate plan ensures your loved ones in White Plains are cared for and protects your family from unnecessary stress during difficult times.

Key Estate Planning Documents Every New Yorker Needs

To ensure your family’s security, your estate plan should include:

• A Last Will and Testament: Designates how your assets will be distributed and appoints guardians for minor children.
• Trusts: Provide flexibility to control when and how beneficiaries receive their inheritance, shielding them from financial mismanagement and protecting assets from probate.
• Power of Attorney: Allows a trusted individual to manage your financial and legal affairs if you become incapacitated.
• Advance Healthcare Directives: Document your medical preferences and appoint someone to make healthcare decisions on your behalf if you are unable to do so.

How Should I Start My Estate Planning?

Starting your estate planning journey in White Plains can feel daunting. However, it doesn’t have to be. Here are some steps to help you get started:

• Inventory Your Assets: List your assets, including property, bank accounts and valuable items.
• Consider Your Wishes: Consider how you want your assets distributed and who you trust to manage your affairs.
• Seek Professional Guidance: Consulting with an estate planning attorney can help ensure that your plan is comprehensive and legally sound.
• Create Essential Documents: Draft your will, healthcare directive and any trusts or powers of attorney you may need.
• Review and Update Regularly: Life changes, and so should your estate plan. Review and update your documents regularly to reflect your current wishes.

Why the New Year is the Perfect Time to Create Your Estate Plan

Starting the year with a resolution to create or update your estate plan ensures that your family will be protected no matter what happens. Life is unpredictable—whether it’s an unexpected illness, injury, or sudden passing. Planning ahead avoids leaving your family vulnerable to financial or legal challenges.

At Parker Law Firm, we’ve seen firsthand how estate plans offer families clarity and peace of mind. Whether you’re just starting or need to revise an outdated plan, our team will guide you every step of the way.

Speak with a White Plains Estate Planning Attorney Today

Don’t let another year pass without securing your family’s future. Take control by making estate planning your resolution for 2025. Book a call with Parker Law Firm today to get started. Let’s make 2025 the year you create an estate plan that protects what matters most—your family, your assets, and your peace of mind.

References: Caring.com “2024 Wills and Estate Planning Study” and Elder Law Answers (Jan. 2, 2024) "New Year's resolution: Get that Estate Plan Done"