Start the New Year Right: How to Update Your Will and Estate Plan

Start by revisiting your estate plan, or creating one if you haven’t already. Your estate plan should typically include essential documents such as:

Additionally, you may need a deed transferring your real estate outside of probate. Review these documents to ensure they accurately reflect your current wishes and any major life changes. 

If you don’t have an estate plan or think you might need to make updates, consult with an attorney with vast experience in estate planning.

At Law Office of Julie A. Paquette, we’ve helped countless clients create estate plans that protect their families and ensure their wishes are respected. Our team can help you review your documents and guide you in making any necessary adjustments for the new year.

Check your beneficiary designations on your retirement accounts, life insurance policies, and other financial assets. Major life events like marriage, divorce, the birth of a child, or the death of a loved one may require you to update these designations. This is a relatively simple task that you can handle by contacting your financial advisor or the customer service departments of your financial institutions.

Making sure your beneficiaries are up to date is crucial because these designations override what’s written in your will. Failure to update them could result in assets going to individuals you no longer wish to benefit.

Gather and organize all your financial documents, including bank statements, investment account statements, deeds, and insurance policies. Having these documents readily available will make it easier for you or your loved ones in the event of an emergency or passing. 

Start with writing down a list off the top of your head, then slowly fill in account numbers, balances, beneficiary details and notes about the status of various accounts.

Create an inventory of your significant personal assets, such as valuable possessions, collectibles, and sentimental items, and who you want to receive each item. Share this list with your loved ones so they are aware of your wishes for the distribution or preservation of these items.

In today’s world, digital assets are just as important as physical ones. From online banking accounts to social media profiles, many of our day-to-day activities involve digital platforms. Create a list of your online accounts and passwords, and share this information with a trusted individual who can access your accounts if needed. This helps your loved ones avoid difficulties in managing your online presence and financial accounts if you become incapacitated or pass away.

Estate planning is an ongoing process, and the beginning of a new year is an excellent time to make sure everything is in order. Beyond updating your existing documents, this may also be a good time to think about the long-term needs of your family. Consider setting up a trust to protect assets or planning for the future care of minor children or dependents with special needs. A trust can ensure that your assets are distributed in a way that benefits your heirs without the delays and costs associated with probate.

Similarly, if you’ve recently acquired new assets—such as purchasing a home, receiving an inheritance, or opening a new business—be sure to update your estate plan to include these developments.

Remember that estate planning is an ongoing process, and regularly revisiting your plans will help ensure your wishes are met and your loved ones are taken care of. Contact our office to speak with an experienced estate planning attorney to provide you with guidance on these issues for the new year.