New Year Estate Checkup: Your Annual Estate Planning Checklist
The start of a new year is the perfect time to hit “refresh” on your goals, your finances, and your estate plan. Life changes, laws change, and your estate plan should evolve to match. Especially if you created your will or other estate documents years ago, a yearly review ensures your loved ones are protected and your wishes are carried out.
Here’s a practical Estate Checkup Checklist to guide you:
1. Review Your Will
Your will is the cornerstone of your estate plan. Ask yourself:
Has your family situation changed (marriage, divorce, children, or grandchildren)?
Are your chosen executors and trustees still appropriate?
Do your asset distributions reflect your current wishes?
If you’ve had an important life change, make sure it’s reflected in your will. Even small updates can prevent confusion or disputes down the road.
2. Check Beneficiary Designations
Accounts like RRSPs, RRIFs, TFSAs, pensions, and life insurance policies can often bypass your will and go directly to named beneficiaries, saving time and money. Make sure:
Names are up to date after major life events
Percentages reflect your intentions
Contingent beneficiaries are listed in case your primary choices cannot inherit
3. Review Powers of Attorney
Powers of attorney protect you if you become unable to make decisions. Check:
Financial Power of Attorney: Who can manage your finances if you’re incapacitated?
Personal Care Power of Attorney: Who can make healthcare or personal care decisions on your behalf?
If your appointed attorneys are still willing, able, and the best choices
If any instructions or preferences you provided in your Powers of Attorney, particularly relating to health and personal care decisions, still reflect your current wishes
4. Reassess Guardianship for Minor Children
If you have children under 18, ensure your guardianship appointments still reflect your current preferences. Life circumstances change, and the people you chose before may no longer be the best fit. Consider questions like:
Have your chosen guardians moved away?
Is their living situation still suitable for your children?
Have their family circumstances, health, or availability changed?
Would your children feel comfortable and supported with them?
Reviewing these details ensures that your children will be cared for by people you trust in a situation that meets their needs.
5. Consider Digital Assets
Digital assets are increasingly important but often overlooked. These may include:
Online banking or investment accounts
Social media profiles
Cryptocurrency wallets
Digital photos or documents
Make sure instructions for access and management are clear to your executor or trusted contacts.
6. Plan for Pets
If you have pets, your estate plan can include:
Naming a trusted caregiver
Setting aside funds for their care
Leaving clear instructions for daily care, medical needs, routines and any special considerations
Ensuring these details are documented can give you peace of mind that your pets will be well cared for if something happens to you.
7. Review Trusts, RESPs, and Other Estate Structures
Check any trusts to ensure they still meet your goals and your appointed trustees remain appropriate
For RESPs, review successor subscriber designations to ensure your child’s education savings are protected
Consider tax strategies or legal changes that may affect your estate
8. Schedule a Review with Your Estate Planning Lawyer
Even if everything seems fine, a professional review ensures your plan is current and legally compliant. Your lawyer can:
Identify gaps or outdated documents
Advise on new strategies or tools
Ensure your estate plan aligns with your wishes and Ontario law
Take Action This January
A New Year Estate Checkup is a small investment of time with a big payoff. Reviewing your will, beneficiaries, powers of attorney, guardians, and trusts annually helps protect your loved ones and keeps your estate plan current.
Take some time this New Year to update your estate plan. Your future self and your family will thank you!
If you’d like help reviewing your estate plan, please contact us to schedule a free consultation.
This blog post is for informational purposes only and is not intended to provide legal advice. If you require legal assistance, before taking any action you should contact us or another qualified lawyer to discuss your situation.
