Ringing in 2023: Review Your Estate and Contracts

review-your-estate-and-contractsAre you looking for a New Year’s Resolution that will make a real difference in your life? Make 2023 a year of purpose. Take the time to properly memorialize unwritten agreements, start fresh, turn those potential profit scenarios into contracts. Consider having an experienced lawyer review your estate plan and your current contracts. Reviewing your documents from time to time is essential. Don’t let 2023 be the year you miss a deadline in an old contract or breach your lease because you forgot about that obligation written many years ago or you refinance real estate and forget to put the property back into your living trust. A comprehensive review of all your important documents can help safeguard your financial interests, as well as provide peace of mind knowing that all your legal matters are in order.

Estate Planning

When reviewing your estate, real estate, and contracts, it’s important to pay attention to the big picture as well as the details. Consider how proper planning can help create more value or save money. For instance, have you created a living trust and if so, have you properly funded it? If your assets, particularly your real estate, are not in that trust, then you’re likely costing your estate and your beneficiaries loss and costs for which you did not intentionally plan. Proper estate planning is essential to ensure your wishes are carried out when you die or can’t act for yourself.

Review Documents

Contracts are the foundation of business and legal relationships. When reviewing contracts and related documents, be sure to pay special attention to the language used and how the terms could affect your bottom line. It’s also important to review your estate plan like your will, trust, real property deeds and powers of attorney. You want to make sure these are all up to date and take care of you in the way that you intend. Well documented contracts and estate plans help protect your best interest and better reduce the risk of disputes and long and expensive legal proceedings.

Benefits of Proper Planning

Making 2023 a year of purpose doesn’t have to mean making resolutions that you won’t keep. Resolve instead to take time each year to review your estate, contracts and other circumstances that may offer profit potential or need documenting in a thorough contract that is clear and makes sense to everyone who reads it. You’ll benefit not only financially, but you’ll purposefully protect yourself from undue risks, unforeseen consequences, and unwanted surprises–all of which makes this resolution invaluable for everyone.

The key to a successful New Year’s resolution is first creating an actionable plan and then following through with it. This year, give your resolutions purpose by taking the time to protect yourself. Review your important documents and relationships that could benefit from extra attention or further documentation. By year’s end, hopefully you’ll look back and be glad about the additional value you created, money you saved, and peace of mind that you gained! We’d like the opportunity to help. Give us a call at 310-216-2165!