An Old Year’s Resolution for Your Estate Plan

The fact that you are thinking about your estate plan can make you feel old, but not nearly as old as you feel when you tell your younger coworkers or family members that you have made a New Year’s Resolution. Young people are so used to uncertainty that they are incredulous that an adult would be so naïve as to think that a plan you make at the beginning of January will still be feasible by December. When the audience of Tik Tok sets goals, they pursue them by seizing the moment, because there is no telling how long the circumstances that made the goal possible will last. A new Tik Tok trend involves locking in, where you commit to a goal so wholeheartedly that you abstain from social media for a few months while you pursue it. After the period of time that you said you would be locked into your goal elapses, you go back to social media to brag, overshare, or outright lie about it, or whatever it is that people do when they talk about their alleged accomplishments on social media. Someone your age would do well to spend the rest of 2025 working on your estate plan. For help getting your estate plan into shape this year so that you do not need to set it as a New Year’s resolution, contact a Washington, D.C. estate planning lawyer.

How Much Can You Spruce Up Your Estate Plan by Locking In for the Rest of 2025?

You are not getting any younger, so why not spend the rest of 2025 improving your estate plan as much as time permits? If you are like most D.C. residents, your financial circumstances have probably trended toward uncertainty since the last time you signed any estate planning documents. No one is asking you to establish a trust and transfer one of your houses to it, lest your estate be so big that the IRS will ask you to pay estate taxes on it.

Instead, you can take these actions now, even when you are relatively young, relatively healthy, and flat broke, and it will make life easier for your family in the event of your serious illness or death:

• Draft and sign a medical power of attorney, also known as an advance directive. This communicates your wishes about end-of-life care and designates the person authorized in the document to consent to medical treatment for you if you become too ill to voice your consent.
• Buy long-term care insurance; the premiums are low if you are young and healthy. If you are ineligible for long-term care insurance, buy long-term care insurance.
• Write your will. If you have already written a will, write a new one if your family situation or finances have changed in ways that make your old will inapplicable. If you do this, state clearly in the new will that any previous versions of the will are no longer valid.

Contact Tobin O’Connor Concino P.C. About Avoiding Costly Mistakes in Real Estate Purchases

A Washington, D.C. real estate attorney can help you renovate your estate plan on a shoestring budget.  Contact Tobin O’Connor Concino P.C.  in Washington, D.C. or call 202-362-5900.

Source:

vox.com/culture/464023/great-lock-in-tiktok-hard-75-winter-arc-gen-z