As one year ends and a new one begins, it’s natural to reflect on the future. Moments like these often remind us of how important it is to protect our loved ones—not just emotionally, but financially. Have you considered whether your estate plan is current, or if you’ve taken the right steps to secure your family’s future? At Alan R. Harrison Law, we’re here to help you start the new year with a planning checklist that ensures your loved ones are cared for and your wishes are honored.
Why Estate Planning Matters More Than Ever
Estate planning is more than just paperwork, it’s about a decision to simplify things for those you love. Without an estate plan, your assets may go through a more complicated probate process, leading to delays, expenses, and outcomes that may not align with your intentions. From protecting your children’s future to ensuring your medical care decisions are respected, having an estate plan in place is a key part of securing your legacy.
A New Year’s Estate Planning Checklist
Here’s a step-by-step guide to get started:
Take Inventory of Your Assets
Include everything you own—property, savings, retirement accounts, family heirlooms, and even digital assets.
This might feel overwhelming, but start with the easy things. Collect bank and investment statements as they arrive during tax season or throughout the year. Simply having statements will give you, and your future representatives, the information they need to contact the correct companies.
Take pictures of family heirlooms and create a quick album with the items you want to leave to specific people. This will help you organize these items and verify that everyone knows which items are being referred to in your estate planning documents.
Create a list of digital accounts for things like social media and electronic files. Add to the list as you access these platforms. Knowing where you store your information, such as pictures and documents will help your family locate everything important later.
Update Beneficiary Information
Ensure life insurance policies, retirement accounts, and other designations reflect your current wishes.
It is important to know that your estate planning documents do not update or supersede the beneficiaries listed with your financial institutions. This means that if you list Aunt Mary as your beneficiary on your savings account at the bank, it doesn’t matter that you left everything to Uncle Bob in your estate plan. Mary will get the assets in the savings account. This is why it is important to make your beneficiaries match your estate plan. Talking with your estate planning attorney can help you verify that everything is set up correctly.
Create or Review Your Will or Trust
A will dictates how your assets are distributed after your passing, while a trust offers additional benefits, such as possibly avoiding probate and managing assets during your lifetime.
Speaking with a qualified estate planning attorney can help you decide which option best suits your needs and then create a plan unique to your situation.
If you have already created an estate plan, a review of your documents can make sure the plan reflects your current wishes. It is a good rule to review your estate plan every 3-5 years, or when there is a major life change.
Assign Powers of Attorney
Choose someone you trust to handle financial and legal matters if you’re unable to do so.
Powers of attorney give someone else the ability to act on your behalf while you are alive and are often created at the same time as your estate plan. Take a look at any powers of attorney you have already created and make sure the people you have identified to help you are still willing and able to help.
Draft Healthcare Directives
In Idaho, medical powers of attorney and the living will are combined into one document, called the Living Will and Durable Power of Attorney for Health Care. A POST (Physician’s Scope of Treatment) which has information about lifesaving measures (known in some places as a DNR order) must be done with the help of your physician.
Plan for Your Loved Ones with Special Needs
Consider a Supplemental Needs Trust to provide assets for long-term care and financial stability for family members with disabilities.
Without proper planning, inheritances can threaten your disabled loved one’s eligibility for government benefits. Supplemental needs trust, sometimes called special needs trusts, can allow you to leave assets to a loved one with disabilities without threatening their eligibility. These trusts can be created as part of your estate plan and be established after your passing or during your lifetime.
How Alan R. Harrison Law Supports Your Estate Planning Goals
At Alan R. Harrison Law, we specialize in creating Collaborative Legal Plans™ tailored to your unique family dynamics. Our services include:
- Wills and trusts, including Supplemental Needs Trusts
- Powers of attorney for finances and healthcare
- Medical information releases
- Comprehensive guidance to simplify the estate planning process
Regularly Review and Update Your Plan
Estate planning isn’t a one-and-done process. Major life events like marriage, the birth of a child, or a change in financial circumstances may require updates to your plan. Even if nothing significant has changed, reviewing your documents every few years ensures they align with current laws and your evolving goals.
Let our team at Alan R. Harrison Law help you revisit and revise your estate plan to reflect your life’s most important updates.
Start the Year with Confidence and Clarity, Schedule Your Estate Planning Consultation Today in Idaho
Imagine entering the new year knowing that your loved ones and assets are protected, no matter what. Whether you’re new to estate planning or need to update an existing plan, Alan R. Harrison Law in Idaho Falls is here to make the process straightforward and stress-free.
Take the first step today. Speak with our team of specialists to discuss your goals and dive into our Collaborative Legal Planning Process™. We’re flexible and available for in person or online video consultations. Let us help you build a plan that reflects your values and secures your family’s future.
