The New Year is here—a time for fresh starts, goal setting, and resolutions. As you plan to improve your health, relationships, or career, don’t overlook your legal and financial affairs. It’s the perfect time to take stock and ensure everything is in order.

While organizing your home might feel straightforward, sorting through legal and financial matters can be overwhelming. This guide will help you start 2025 on the right foot.

Review Your Beneficiary Designations

Begin by requesting updated beneficiary designation forms from your life insurance and retirement account providers. Check if you’ve designated a minor as a primary or contingent beneficiary. If so, these assets may become tied up in court and unavailable to the caregivers you’ve chosen for your children.

Instead, consider designating a trust as the beneficiary. This can protect the funds from courts and creditors and ensure your children receive them only when they are ready.

Update Your Family Wealth Inventory

Your Family Wealth Inventory documents your assets so that if you become incapacitated or pass away, your family knows what you own and where to find it.

Without an up-to-date inventory, your assets could end up in the state department of unclaimed property. Currently, there are millions of dollars in unclaimed property because people fail to leave clear records. Make this the year you save your family from unnecessary stress and potential losses.

Reassess Your Guardian Designations

If you have children, it’s essential to review your guardian nominations. Are both short-term (local) and long-term guardians still appropriate, or do they need updating? Is there anyone you would exclude? Does your wallet card with guardian information need a refresh?

Take a moment this January to ensure your choices reflect your current wishes.

Review the Title to Your Home

Obtain a copy of your house deed and confirm that your trust is listed as the owner. If your personal name appears on the deed and not a trust, your home may go through probate in the event of your incapacity or death. If avoiding court is a priority, now is an excellent time to update this important document.

Schedule a Family Wealth Planning Session

Finally, kick off the year with a Family Wealth Planning Session. Whether this is your first time planning or you’ve done it before, this session will help you get more financially organized than ever. It’s a powerful way to make informed and empowered decisions for yourself and your loved ones.

Start the New Year strong—call our office at 714-451-5766 today!