After two decades as an attorney and hospice chaplain, I’ve seen how critical estate planning is for protecting families. My work has taught me that these plans are more than legal documents—they are acts of love that provide clarity and peace during life’s most challenging transitions. Comprehensive estate planning starts with creating a will, but it also involves communicating with your loved ones and ensuring your estate plan is current.
This year, I invite you to approach estate planning not as a daunting task, but as a meaningful conversation about what truly matters. Let’s set some 2025 New Year’s Resolutions.
1. If you don’t have one: create your estate plan
Think of a comprehensive estate plan as a personal roadmap that guides your family when you can’t. It starts with a will, but a will is only one part of it. A will only comes into effect after you die and concerns the division of your assets and property. Other elements of estate plans such as Powers of Attorney and Living Wills apply while you’re still alive and ensure that you continue to live in the way you want, even if you can no longer care for yourself or express your wishes. These documents might seem complicated, but they’re your family’s best protection during difficult times.
Once you have your estate plan in place:
2. Make documents easy to find
Imagine your family searching for important papers while dealing with grief. By creating a clear, logical, accessible system, you remove an extra layer of stress. Use a fireproof safe or a secure digital storage system. Create both physical and digital copies. Tell a trusted family member or your attorney exactly where these documents are located. The goal is to make finding your estate planning documents as simple as possible.
3. Communicate with your loved ones
Open and honest communication is crucial in estate planning. While these conversations can feel uncomfortable, they prevent misunderstandings and potential family conflicts. Explain to your family who will handle different responsibilities. Discuss why you’ve made specific choices. By being transparent, you help your loved ones understand your decisions and reduce the chance of future disagreements.
4. Share copies of your estate plan
Don’t keep your estate plan a secret. Provide copies to key people: your designated representative, a trusted family attorney, and important family members involved in your plan. This ensures your wishes can be quickly and accurately carried out, even if the original documents are temporarily unavailable.
5. Ensure your estate plan is up to date
Life changes constantly, and your estate plan should change with it. Major life events like marriages, divorces, births, significant financial changes, or new laws can make previous plans outdated. Review your estate plan with an estate planning attorney every three to five years or after any major life event. An estate plan isn’t a one-time document, but a living strategy that grows and adapts to your life.
6. Update beneficiary designations
Beneficiary designations can override your will, so they need careful attention. Review who is listed on your retirement accounts, life insurance policies, and transfer-on-death bank accounts. Ensure these designations match your current family situation and overall estate planning goals. A single overlooked beneficiary designation could accidentally redirect your assets in unintended ways.
7. Create an inventory of assets
Develop a comprehensive list of everything you own. Include details about real estate, vehicles, bank accounts, investments, retirement plans, and valuable personal items. Note account locations, access information, and any specific instructions. This inventory becomes a crucial roadmap for the people managing your estate, making their job much easier during a difficult time.
8. Plan for digital assets
In our digital world, online accounts are as important as physical assets. Create a detailed inventory of your digital life: email accounts, social media profiles, cloud storage, online banking, and subscription services. Use a secure password manager and provide clear access instructions to your designated representative. This ensures your digital footprint can be properly managed or closed.
9. Plan for incapacity
Nobody likes to think about becoming unable to make decisions, but planning for this possibility is crucial, including the possibility of developing Dementia. Undertake Dementia planning and update your medical and financial powers of attorney, living will, and long-term care preferences. These documents ensure your wishes are respected if you can’t communicate them yourself. They provide a safety net that allows trusted representatives to make decisions aligned with your values.
10. Create an ethical will
Beyond legal documents, consider creating an ethical will – a personal letter to your loved ones. Share your core values, life lessons, family stories, and personal wisdom. This document transforms your estate plan from a legal transaction into a meaningful legacy that communicates your heart and mind to those you love.
Start 2025 on the right foot
Estate planning is an ongoing process of love and responsibility. By taking these steps, you’re not just protecting assets, you’re providing clarity, reducing potential conflicts, and ensuring your life’s work continues to support your family. We also have a downloadable version of this 2025 New Year’s Resolutions list for you to check off to make this easier! If the process seems overwhelming, remember that professional estate planning attorneys are here to guide you through each step.
If you want to reach some of your estate planning goals, reach out to us to explore your options today by calling 720 457 4573 or emailing info@rockymtnelderlaw.com
