January is a natural time to get organized — finances, calendars, and long-overdue paperwork included. It’s also an ideal moment to review a few essential estate planning and personal planning documents that many people overlook until a problem arises.
You don’t need to overhaul everything at once. Start with these three documents that can have an outsized impact on clarity, control, and peace of mind.
1. Beneficiary designations
Why beneficiary designations matter in estate planning
Beneficiary designations control who receives certain assets after your death — often regardless of what your will says.
Common examples include:
- Retirement accounts (401(k)s, IRAs)
- Life insurance policies
- Annuities
- Payable-on-death (POD) or transfer-on-death (TOD) accounts
Because these assets pass by contract, outdated beneficiary forms can unintentionally direct assets to the wrong person.
January is a good time to review:
- Primary and contingent beneficiaries
- Whether former spouses, deceased individuals, or minors are listed
- Whether new accounts were opened without updated designations
Keeping beneficiary designations current is one of the simplest ways to avoid disputes and delays later.
2. Powers of attorney
Planning for illness, injury, or temporary incapacity
Powers of attorney are a core part of estate planning for adults of all ages — not just retirees.
Two documents are especially important:
- Financial power of attorney, allowing someone to manage finances if you cannot
- Health care power of attorney, allowing someone to make medical decisions on your behalf
Without valid powers of attorney, loved ones may need court involvement to act for you — even during short-term emergencies.
When reviewing these documents, consider:
- Are the named agents still appropriate and available?
- Do the documents reflect current laws?
- Have your wishes or relationships changed?
January reviews help ensure these documents are ready if they’re ever needed.
3. A personal information sheet
Your “personal life map” for loved ones
A personal information sheet is not a legal document, but it plays a critical supporting role in estate planning.
Often called a personal life map, this document organizes essential information in one place, such as:
- Key contacts and advisors
- Locations of bank, investment, and insurance accounts
- Employer and benefit information
- Digital assets and online accounts
- Important notes or preferences
This document does not replace a will or trust — but it makes administering an estate or handling an emergency far easier for the people you trust.
A simple January estate planning checklist
A realistic goal for January:
- Review and update beneficiary designations
- Confirm powers of attorney are in place and current
- Create or update a personal information sheet
These small steps can prevent confusion, reduce stress, and support better decision-making throughout the year.
If reviewing these documents raises questions, that’s often a sign it’s time for a conversation — not because something is wrong, but because good planning starts with clarity.
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