Every year, Tax Day has a way of sneaking up on us. Between gathering forms, reviewing income, and making sure everything is submitted on time, it’s one of the few times we all take a good, hard look at our finances. That makes it the perfect opportunity to think beyond this year’s tax return—and start planning for your future.
I’m talking about estate planning. Wait—Estate Planning? Isn’t That Just for the Wealthy? Not at all. Estate planning isn’t just for people with millions of dollars or sprawling real estate portfolios. It’s for anyone who wants to make sure their wishes are followed and their loved ones are taken care of—no matter how big or small your estate is, and since you’re already in a financial mindset around Tax Day, it’s a great time to take the next step.
5 Easy Estate Planning Moves to Make After Tax Day:
1. Check Your Beneficiaries – Do you have a retirement account, life insurance policy, or bank account with a listed beneficiary? If so, make sure those names are still correct. These designations override your will, so they need to be current.
2. Create or Review Your Will – If you don’t have a will or a trust, now’s a great time to make one. If you do, make sure it reflects any recent changes—like a new child, a marriage or divorce, or the loss of a loved one.
3. Name a Power of Attorney and Health Care Proxy – These documents let someone you trust make financial or medical decisions for you if you’re unable to do so. They’re essential, and easy to put in place.
4. Store Your Documents in One Place – You just pulled together all your tax paperwork—why not organize your estate planning documents too? Make sure your loved ones know where to find important information if they ever need it.
5. Start Small if You Need To – Estate planning doesn’t have to be overwhelming. You don’t need to tackle everything in a day—start with one or two steps, and build from there.
A Little Planning Now Goes a Long Way:
Tax Day reminds us how important it is to stay on top of our finances. So while you’re already thinking about money, take a few extra minutes to think about what happens after you’re gone or if something unexpected happens. Your future self—and your loved ones—will be glad you did.
