January brings a fresh start. Many people set financial goals, organize paperwork, and plan for the year ahead. But it’s also an ideal time to take a thoughtful look at your estate plan. You don’t need a complete overhaul every January, but a brief annual review helps ensure your documents still reflect your wishes and your family’s needs, especially as life changes. Below is a guide to help you begin the new year with confidence and clarity.
Download our handy checklist HERE.
Why Annual Reviews Matter
Your estate plan is designed to protect you and the people you care about. Over time, families grow, circumstances shift, and preferences evolve. An annual review gives you a structured way to confirm that everything is still aligned with your goals.
Even if you don’t need any changes, this review can provide peace of mind and help you avoid surprises later.
Why January Is the Perfect Time to Review Your Estate Plan
January naturally feels like a reset. You may already be reviewing bank accounts, tax records, and upcoming goals. Adding an estate plan review to that routine makes the process simple and timely.
This time of year allows you to:
- Start fresh with updated information
- Reflect on changes from the past year
- Prepare for upcoming milestones
- Address concerns before you get busy later in the year
Small steps in January can save time and stress throughout the year.
Which Documents to Review
Spend a few minutes reviewing the core documents you may have in your estate plan:
1. Your Durable Financial Power of Attorney
Review who you’ve appointed as your Agent and successor Agent. Are they still the right choices? Are they still willing to serve? Have these Agents signed the necessary Acknowledgements with your Power of Attorney?
If your Durable Financial Power of Attorney was signed prior to July 1, 2024, you may want to consider having it reviewed with the passage of Michigan’s new Uniform Power of Attorney Act.
2. Your Healthcare Power of Attorney
Review who you’ve appointed as your Patient Advocate and successor Patient Advocate. Are they still the right choices? Are they still willing to serve? Have these Patient Advocates signed the necessary Acceptances with your Power of Attorney?
Have you written out your personal wishes? Do you have a Living Will or Advanced Medical Directive to compliment your Healthcare Power of Attorney?
3. Your Will
Review who you’ve appointed as your Personal Representative and successor Personal Representative. If you have minor children, review who you’ve appointed as Guardian and successor Guardian. Are they still the right choices? Are they still willing to serve?
Have you written out your personal wishes or direction for your Guardian?
4. Your Trust
Review who you’ve appointed as your Successor Trustees. Are they still the right choices? Are they still willing to serve?
Review any charitable giving you’ve included or any specific distributions. Do you still want to include these gifts? Are they the right percentages or dollar amounts?
Review the residual beneficiaries you’ve included. Are they still the right choices? Are they going to receive their inheritance in the best way possible (i.e. outright or in a trust for minor or disabled beneficiaries)?
5. Your Trust Funding Documents
Review all of your assets and corresponding beneficiary designations, payable/transfer on death designations, assignments, deeds, etc. Are all of your assets funded into your Trust?
Life Changes That May Require A Formal Review
If any of these life changes have occurred, you should consider scheduling a more formal review of your estate plan with your drafting attorney:
- Your marriage or divorce, or the marriage or divorce of a child, beneficiary, or appointed individual
- The birth or adoption of a child
- The death of a spouse, child, beneficiary, or appointed individual
- Significant changes in your assets, including the value of your assets
- The purchase of new real estate
Other Factors That May Require A Formal Review
These additional factors may require an update:
- Your estate plan is more than 10 years old
- You know that there have been changes in the law that impact your documents (like Michigan’s new Uniform Power of Attorney Act!)
- You don’t understand your documents and want to
- You don’t believe that your current documents meet your needs
Most updates are simple, and a quick meeting with an attorney can bring clarity and confidence.
Cornerstone Legal can help you even if we did not set up your original Estate Plan documents. We also offer mobile services and can come to your home or office for your convenience.
How to Begin the Review Process
Start with our simple checklist you can download HERE.
Once you complete your review using this checklist, schedule time with a trusted attorney to seek clarification or complete updates.
Cornerstone Legal is here to guide you through each step and help you start the year with a solid, confident estate plan.
Contact us at (517) 708-2222 or email Katrina@CornerstoneLegalPLLC.com.
