Reflect, Review, Reset: Your Estate Planning Guide for January 2025

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Reflect, Review, Reset: Your Estate Planning Guide for January 2025

Take the First Steps to Secure Your Legacy with This Simple, Actionable Framework

As we step into a new year, there’s no better time to take control of your future by ensuring your estate plan aligns with your current life circumstances and future goals. Here’s a straightforward three-step framework to help you protect your legacy and bring peace of mind to you and your loved ones.

1. Reflect: Looking Back at 2024

Start by reflecting on the events and changes in your life over the past year. Significant life events can greatly impact your estate plan, making it essential to ensure everything is still relevant and aligned with your wishes.

Ask yourself:

Did you marry, divorce, or remarry? These changes can affect spousal inheritance rights and beneficiary designations.

Did your family grow through birth or adoption? Ensure new family members are included in your plan.

Did you experience the loss of a loved one? This may require updates to beneficiaries or fiduciary appointments.

Were there changes in your health or the health of someone you care about? Consider how these changes might influence decisions regarding health care directives or powers of attorney.

Did you acquire or sell major assets, like a home? Verify that these transactions are accounted for in your estate plan.

Also consider:

Are your beneficiaries and fiduciaries (personal representative, trustee, etc.) still appropriate?
Have any named individuals passed away or become unable to serve?

2. Review: Ensuring Your Plan is Up-to-Date

Once you’ve reflected on the past year, it’s time to review your estate planning documents. These key documents form the foundation of your legacy plan and must accurately reflect your current needs and goals.

Think about these things:

Advance Directive: Are your agents still the right choices? Does it reflect your current medical preferences?

Power of Attorney: Are your agents suitable? Have circumstances changed for you or them?

Revocable Living Trust: Is the trust funded with the correct assets? Are the trustee appointments up-to-date?

Last Will and Testament: Do the personal representative and guardianship provisions reflect your current wishes?

Tangible Personal Property: Are heirlooms and valuables properly accounted for in your plan?

Digital Assets: Do you have a strategy for managing online accounts, passwords, and other digital information?

3. Reset: Planning for 2025 and Beyond

Finally, align your estate plan with your future goals and anticipated changes. By proactively addressing potential updates, you ensure your plan evolves alongside your life.

Helpful questions:

What new goals or priorities should your estate plan reflect in 2025?
Should upcoming life events, such as a move, retirement, or family addition, be considered?
What small updates or adjustments can you take action on this month?

Why Start Now?

Completing this exercise before January 31st offers numerous benefits:

Your family is protected from unnecessary stress and delays.
Your wishes are honored as you intend.
Your legacy reflects your current values and priorities.

Taking the time to reflect, review, and reset your estate plan is a powerful step toward securing your legacy. For more tips and resources, visit our website and take charge of your future today.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.