As we enter the New Year, many of us have a list of resolutions we’d like to accomplish. One resolution that is often overlooked but is an important one to consider is getting your affairs in order. There are many steps that can be taken to make sure that our affairs are in order so that we can navigate life’s complexities with ease and clarity. Taking the time to get our affairs in order can help us to feel more secure in our everyday lives, as well as give us peace of mind knowing that our wishes and desires will be taken care of in the future.
Reasons for Making a New Year Resolution to Get Your Affairs in Order
Making a New Year resolution to get your affairs in order is a great way to start the year off right. It provides you with an opportunity to reflect on your current situation and make positive changes. Doing so can help you save money, manage debt better, plan for retirement, and ensure that your important documents are in order. By organizing your finances and estate planning documents, you can make sure that your wishes are honored should something happen to you.
Having your affairs in order will reduce stress and worry since you know what will happen if something unexpected occurs. Taking the time to organize now can save time and money down the road. Making a New Year resolution to get your affairs in order is an investment in peace of mind that will last throughout the year.
Steps to Take for Getting Your Affairs in Order
Getting your affairs in order is an important step to take for both personal and financial health. Taking the time to get your affairs in order can give you peace of mind knowing that everything is taken care of properly should something happen unexpectedly. Here are some steps to take:
Create a Financial Plan
Creating a financial plan is an important step to getting your affairs in order and helping you achieve your long-term goals. Some elements of a good financial plan include budgeting, saving, investing, retirement planning, debt management, and estate planning. Each of these steps should be tailored to meet your individual needs and objectives. You can start by gathering all the relevant documents, such as bank statements, tax returns, and other financial records.
Then you should assess your current situation to determine what strategies are best for you. After that, you can create a budget that will help you manage expenses and save for future needs. Retirement planning is also vital for ensuring a secure financial future so that you can retire with peace of mind. Estate planning is also important for protecting your family in the event of death or disability so that they will be taken care of financially.
Make an Inventory List of Your Possessions and Assets
Making an inventory list of your possessions and assets is a great way to get your affairs in order. This step is important for estate planning, as it will provide an overview of the assets you own and how they are categorized. It’s helpful to list all items of value, such as real estate, vehicles, jewelry, furniture, collectibles, bank accounts, and investments. For each item, you should also include a description, approximate value, serial numbers, or other identifying information that could be used to locate the asset if it was lost or stolen.
Establish Estate Planning Documents
Estate planning involves making decisions about how your assets and property should be handled in the event of your death or incapacitation. Estate planning documents are important legal documents that specify how you want your estate to be managed. These can include wills, trusts, powers of attorney, health care directives, and more. Having these documents in place can help ensure that your wishes for the distribution of your assets are respected and that any taxes or other costs associated with your estate will be minimized.
Contact a Chicago Estate Planning Attorney Today
There are many reasons to make a New Year resolution to start geting your affairs in order, such as saving time and money, achieving your long-term goals, and giving you peace of mind. Taking the time to do this now can help keep you from having to take on stressful tasks later when circumstances require it. Contact James C. Provenza & Associates, P.C. at (847) 729-3939 or by filling out our online form for help getting your affairs in order.