The start of a new year is often a time for reflection and resolution. We make plans to hit the gym, save more money, or finally organize the garage. But one of the most important annual resolutions you can make is to give your estate plan a quick, practical checkup.
If you're an Idaho resident who already has an estate plan in place, congratulations—you've taken the essential first step. However, life doesn’t stand still, and your plan shouldn't either. January is the perfect time to ensure your documents still reflect your current circumstances and wishes.
Here are the top things Idaho residents should review every new year.
Your People: Beneficiaries and Fiduciaries
Have you experienced a significant life event in the last year? A marriage, divorce, birth, death, or major change in a relationship can instantly make parts of your plan outdated.
Review Beneficiary Designations: Your Will or Trust deals with your primary assets, but what about your non-probate assets? Check the beneficiaries listed on your retirement accounts (401k, IRA) and life insurance policies. These designations supersede your Will, so it's critical they are correct.
Check Fiduciaries: Are the people you named to step into important roles—your Personal Representative (Executor), Trustee, or Power of Attorney agent—still the best choices? Are they still alive, competent, and living where you thought they were?
Your Assets: Inventory and Titling
Your estate plan is only as good as the assets it covers. A yearly review of what you own and how it’s titled is essential.
Inventory: Do you own any new major assets (a new house, significant investment accounts, a business interest) that you acquired last year? Make sure these new assets are properly titled in your Trust, if applicable, or designated to pass as you wish.
Titling: This is a common oversight. If your revocable living trust is meant to avoid probate, its assets must be titled in the name of the trust. A quick review of your deeds, account statements, and vehicle titles can save your family a massive headache later.
Your Documents: Location and Updates
Do your legal documents match your current wishes?
Medical Directives: Review your Durable Power of Attorney for Healthcare and your Living Will. Are your stated wishes regarding end-of-life care still accurate? Have you given your agents a copy of the documents and discussed your wishes with them?
Location: Does your Personal Representative or other trusted person know the location of the original documents (Will, Trust, etc.)? There's no point in having a plan if no one can find the paperwork when it's needed most.
Estate planning isn't a one-time task; it's an ongoing commitment to protecting your family's future. By taking a few minutes each January for this critical checkup, you ensure that your plan remains a reliable roadmap for your loved ones.
If your checkup reveals significant changes, or if it's been several years since you last had a comprehensive review, it's time to talk to an expert. The team at Liberty Law Idaho is here to help Idaho residents like you keep your estate plans steady and current. Give us a call at (208) 273-8825 to schedule your annual review today.