Starting the New Year Right: A Fresh Estate Planning Checklist

The start of a new year is the perfect time to evaluate your personal and financial goals, reflect on what matters most, and take proactive steps to protect your family’s future. One critical, yet often overlooked, resolution is reviewing and updating your estate plan. An up-to-date estate plan ensures your wishes are honored, your assets are protected, and your loved ones are cared for – no matter what the future holds.

At The Blanchard Law Firm, we guide families through the estate planning process with clarity and care. Creating or updating an estate plan at the beginning of the year gives you peace of mind and a strong foundation for the months ahead. Below is a fresh estate planning checklist to help you start the new year right.

Why New Year’s Estate Planning Matters

Year-end and New Year’s are natural checkpoints to review your estate plan. Even if you haven’t experienced major life changes, an annual review ensures that your documents are current and reflect the most recent laws, financial changes, and family circumstances.

Regular reviews also allow you to take advantage of new tax strategies or planning tools that may benefit your family. Updating your estate plan helps prevent confusion or disputes among loved ones and ensures your intentions are clear. Finally, reviewing your plan annually provides peace of mind, knowing your family will be protected no matter what the coming year brings.

Common reasons to review your estate plan include:

• Marriage or divorce
• Birth or adoption of children or grandchildren
• Purchase or sale of property
• Changes in income or business ownership
• Health changes
• Relocation to a new state

 

Reviewing your estate plan regularly helps avoid rushed decisions and ensures your wishes are implemented smoothly. It also allows you to correct oversights, update beneficiaries, and address changes in your personal or financial life before any unexpected events occur.

 

1. Review and Update Your Will

Your will is the foundation of most estate plans. It outlines how your assets will be distributed, who will manage your estate, and, if applicable, who will care for minor children.

When reviewing your will, consider:

• Are all beneficiaries listed correctly?
• Has your family situation changed since the last update?
• Is your chosen executor still willing and able to serve?
• Are any new assets missing from the will?
• Are your guardians for minor children still appropriate?

 

Even small updates can prevent misunderstandings or disputes in the future. If it’s been more than a year since your last review, now is the time to make adjustments.

2. Evaluate Trusts

If you have a revocable living trust, it’s essential to review it regularly to ensure it aligns with your current goals. Trusts help avoid probate, maintain privacy, and provide clear instructions for managing and distributing assets.

Check that your trust:

• Includes all intended assets
• Lists the correct beneficiaries
• Reflects any changes in trustees or successor trustees
• Aligns with your long-term estate planning goals

 

Properly funding a trust is just as important as creating it. Assets that remain titled in your name rather than in the trust may still go through probate, so verify ownership and account designations carefully.

3. Update Beneficiary Designations

Beneficiary designations on accounts like life insurance, retirement plans, and annuities override your will or trust. Reviewing these annually ensures your assets go to the people you intend.

Before the new year, confirm:

• Life insurance policies have the correct beneficiaries
• Retirement accounts (401(k), IRA) are updated
• Payable-on-death (POD) or transfer-on-death (TOD) accounts are accurate
• No unintended beneficiaries, such as ex-spouses, remain listed

 

An outdated designation can create significant complications for your family, even if your will or trust is current.

4. Check Powers of Attorney

Powers of attorney are critical for protecting your financial and medical decisions if you become unable to act on your own behalf.

Review your:

• Durable power of attorney for finances
• Healthcare power of attorney
• HIPAA authorizations

 

Ask yourself:

• Are the named agents still the best choice?
• Are backup agents listed and prepared to act?
• Do the documents reflect your current financial and medical circumstances?

 

Updating powers of attorney ensures someone you trust can step in without confusion or delay.

5. Review Healthcare Directives

Healthcare directives, including living wills, guide medical decisions if you’re unable to communicate. Yearly reviews are essential, as preferences can change with life circumstances.

Confirm that your:

• Living will reflects your current medical wishes
• Healthcare power of attorney names the right decision-maker
• Instructions align with your current beliefs and values

 

Discuss these documents with your family to reduce stress and ensure they understand your preferences in critical situations.

6. Assess Guardianship for Minor Children

If you have minor children, reviewing guardianship designations is one of the most important tasks for the new year. Life circumstances change, and the person you named years ago may no longer be the best choice.

When reviewing guardianship:

• Confirm that the chosen guardian is willing and able to serve
• Evaluate financial guardianship arrangements
• Ensure backup guardians are named
• Make sure instructions are clear and up to date

 

Proper guardianship planning ensures your children are cared for according to your wishes.

7. Review Business Succession Plans

For business owners, estate planning includes more than personal documents – your business succession plan is critical.

Check that your business documents:

• Reflect current ownership structures
• Include updated buy-sell or shareholder agreements
• Designate successors or management roles
• Align with your estate and long-term financial goals

 

Keeping your business succession plan current protects your business and your family’s financial security.

8. Update Asset Inventory

An organized inventory of assets makes estate administration easier for your loved ones. Include:

• Bank and investment accounts
• Real estate holdings
• Business interests
• Insurance policies
• Digital assets
• Valuable personal property

 

Ensure your inventory is accurate, stored securely, and accessible to someone you trust.

9. Digital Estate Planning

Digital assets are an increasingly important part of estate planning. From online accounts to digital media, you need a plan to manage your online presence.

Review and update:

• Password lists (stored securely)
• Online accounts and subscriptions
• Instructions for social media accounts
• Cloud storage or digital assets

 

Clear instructions prevent confusion and protect your digital legacy for your loved ones.

10. Tax Planning Considerations

Year-end is also the ideal time to review potential tax implications. Strategic planning can minimize estate or income taxes and preserve wealth for your family.

Consider reviewing:

• Gifting strategies
• Charitable contributions
• Trust structures
• Long-term tax planning goals

 

Consulting an estate planning attorney ensures your documents and strategy comply with current law and optimize your family’s financial future.

11. When to Make Updates to Your Estate Plan

Even if no immediate changes are needed, an annual review helps identify potential gaps or outdated information. Estate planning is not static; it evolves with your life.

We recommend reviewing your plan:

• At least once per year
• After major life events
• When laws change
• Before the start of the new year

 

Small adjustments now can prevent major issues later, protect your loved ones, and give you confidence that your estate plan is complete.

 

Start the New Year Prepared

Starting the new year with a fresh estate planning checklist is about more than documents; it’s about protecting your family, honoring your wishes, and entering the year with clarity and confidence. Taking time to review and update your estate plan ensures your loved ones are cared for, your assets are managed according to your goals, and your intentions are clearly documented.

At The Blanchard Law Firm, we help individuals and families review, update, and strengthen their estate plans with clarity, care, and precision. Whether you need a simple review or a comprehensive update, our experienced team is here to guide you every step of the way.

Proactive planning prevents confusion, reduces potential conflicts, and ensures your estate plan is ready for any changes life may bring. With our support, you can start the year knowing your legacy and your loved ones are fully protected.

Schedule a consultation today and begin the new year with confidence, knowing your estate plan is complete, current, and working for you.