The Pros and Cons of New Year’s Resolutions

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Although we can implement these goals anytime, the beginning of the new year is often a good starting point to help us measure our progress.

A favorable attitude towards New Year’s resolutions often point to the following benefits:

  • Having goals provides people with a sense of purpose and a positive, forward-looking perspective.
  • If you do not set goals, it is axiomatic that you will not achieve them!
  • Accomplishing a goal—or at least making significant progress—provides a sense of satisfaction.

Others point out the following cons of New Year’s resolutions:

  • The initial motivation generally wanes over time, making failure likely.
  • Not keeping them could lead to a feeling of failure or shame.
  • They reflect dissatisfaction with oneself or one’s life circumstances.

There are goals that can provide significant security for yourself and your family. Although they may not be the first New Year’s resolutions that come to mind, there are several steps that you can take that will benefit your family.

Choose a guardian.

If you are a parent, create a plan to ensure that your children are cared for if you or the other legal parent are unable to care for them by naming a person you trust to be their guardian

Create medical and financial powers of attorney.

If you are unable to communicate or make your own medical or financial decisions, your agent under a power of attorney can step in and make decisions on your behalf

Have enough life insurance.

If you pass away, will the proceeds of your current life insurance policy provide adequate funds for your loved ones?

Establish a plan for your money and property.

Have you decided who you would like to inherit your money and property when you pass away? If you do not have a written estate plan, your money and property will go to individuals specified in your state’s statute instead of to the beneficiaries you choose.

We Can Help with Your New Year’s Resolutions

If your 2023 goals include creating an estate plan, choosing a guardian for your minor children, or creating powers of attorney for finances and health care, our Madison estate planning attorneys can help you. Getting started is easy. Just complete this contact form on our website or call us today at (608) 447-0006.

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