Estate Planning New Year’s Resolutions: Resolve To Plan Better

Top Estate Planning Resolutions for the New Year

As the year draws to a close, we enter a natural season of reflection and renewal. We look back at the months that have passed and forward to the year ahead, setting goals to improve our health, our finances, and our overall well-being. We resolve to exercise more, to save more, to be more organized. Yet, in my three decades as a New York estate planning attorney, I have found that the most impactful resolution a person can make is often the one that is most overlooked: the resolution to finally secure their family’s future.

Unlike a gym membership that may go unused by March, a properly completed estate plan is a resolution that provides profound and lasting peace of mind. It is a promise kept to your loved ones. It is the ultimate act of organization and care, a definitive statement that you have taken every possible step to protect them from chaos and conflict during a difficult time. Whether you have no plan at all or a plan that has been gathering dust for years, the start of a new year is the perfect opportunity to resolve to do better.

At Morgan Legal Group, we believe that the best time to plan is always now. To help you start 2026 on the strongest possible footing, we have created this guide to the most important estate planning resolutions you can make. This is not just a list; it is an actionable roadmap to transforming your intentions into a comprehensive, effective plan. For a personal consultation to help you achieve these goals, contact our firm today.

Resolution #1: “I Will Finally Create My Foundational Estate Plan.”

This resolution is for the millions of New Yorkers who know they need a plan but have never taken the first step. Procrastination is the single greatest threat to your legacy. You may feel you are too young, not wealthy enough, or that the process is too complex. The reality is that every adult who has any assets or anyone they care about needs a plan. Without one, you are forcing your family to navigate a legal and financial maze during their time of greatest grief.

The High Cost of Inaction

Imagine a young couple in Brooklyn with a new baby and a modest apartment. They have a small life insurance policy and some savings. Tragically, they pass away in an accident without a will. Their grieving parents are immediately faced with a crisis. The court, not the family, will decide who raises their child. The life insurance and savings will be locked in a court-supervised guardianship account until the child turns 18. This public, expensive, and inflexible process is the direct result of having no plan.

How to Achieve It: Your 4-Step Action Plan for 2026

Making this resolution a reality is simpler than you think. Break it down into these four manageable steps.

1. Schedule the Consultation: This is the most powerful first step. The simple act of putting an appointment on your calendar turns a vague intention into a concrete goal. A consultation with an experienced estate planning attorney is not a commitment to a final plan; it is a strategy session to understand your options. You can schedule an appointment with our firm to get started.
2. Gather Your Information: To make your meeting as productive as possible, gather some basic information. This includes a general list of your assets (home, bank accounts, retirement plans) and liabilities (mortgage, loans), as well as the full legal names of the key people in your life (spouse, children, potential guardians).
3. Understand the Core Documents: Your foundational plan will likely consist of three essential documents:
   • A Last Will and Testament to direct your assets and, most importantly, to nominate a guardian for any minor children.
   • A Durable Power of Attorney to appoint a trusted agent to manage your finances if you become incapacitated.
   • A Health Care Proxy to appoint an agent to make medical decisions for you if you are unable to speak for yourself.
4. Execute the Plan: Once the documents are drafted to your satisfaction, you will sign them in a formal “execution ceremony” supervised by your attorney. The feeling of relief and accomplishment that comes from signing a completed plan is immense.

Resolution #2: “I Will Review and Update All My Beneficiary Designations.”

This is a critical resolution for those who already have a plan, as well as for those just starting. Many of your most valuable assets—your life insurance policies, IRAs, and 401(k)s—are not controlled by your will. They are passed directly to the person you named on a beneficiary designation form. These forms are a ticking time bomb if they are outdated.

The Devastating Impact of a Forgotten Form

A client of ours, a successful professional in New York City, updated his will after a divorce to leave everything to his two children. Years later, he passed away. His children were shocked to discover that his $2 million IRA was being paid in full to his ex-wife. He had never updated the beneficiary form he filled out 25 years earlier. That single piece of paper legally superseded his will, and the mistake was irreversible, costing his children their inheritance.

How to Achieve It: Your Beneficiary Audit Checklist

This is one of the most productive financial tasks you can undertake for the new year. It is a straightforward process of verification.

• Step 1: Inventory Your Accounts. Make a list of every single asset that has a beneficiary designation. This includes retirement accounts (IRAs, 401(k)s, 403(b)s, pensions), life insurance policies, annuities, and any bank or brokerage accounts with a “Payable on Death” (POD) or “Transfer on Death” (TOD) form.
• Step 2: Request the Current Forms. Do not rely on your memory or old statements. Contact each financial institution and request a copy of the actual beneficiary designation form they currently have on file.
• Step 3: Review and Verify. Carefully examine each form. Is the primary beneficiary correct? Crucially, have you named a contingent (backup) beneficiary in case your first choice is no longer living?
• Step 4: Update as Needed. For any form that is incorrect, immediately request, complete, and submit a new “Change of Beneficiary” form. For advanced planning, discuss with your attorney the powerful strategy of naming a trust as the beneficiary to provide long-term asset protection and management for your heirs.

Resolution #3: “I Will Evaluate My Chosen Fiduciaries.”

Your fiduciaries are the people you have put in charge: your Executor in your will, your Trustee if you have a trust, and your Agents under your Power of Attorney and Health Care Proxy. The people who were the perfect choice five or ten years ago may no longer be the right fit today.

When the Right Choice Becomes the Wrong One

Imagine you named your brother as the executor of your will and guardian for your children. Ten years later, he has moved across the country, is dealing with his own health issues, and is no longer in a position to take on such a demanding role. Leaving him named in your documents sets him—and your estate—up for failure.

How to Achieve It: The Fiduciary Fitness Test

For the new year, review every fiduciary role in your plan and ask these tough questions about your current choice:

• Are they still willing and able to serve? Have you spoken to them about it recently?
• Are they still in good physical and mental health?
• Do they still possess the right skills? (e.g., Are they organized, responsible, and a good communicator?)
• Do they still live in a convenient location? An out-of-state executor can face additional legal hurdles.
• Has your relationship with them changed?

If the answer to any of these questions is “no,” it is time to make a change. This is done by executing a new will (or a codicil for a minor change), a trust amendment, or new incapacity documents. This is a key part of the services provided by an attorney like Russel Morgan.

Resolution #4: “I Will Organize My Documents and Digital Assets.”

A perfectly drafted estate plan is useless if your family cannot find it. Disorganization can create as much chaos as having no plan at all. This resolution is about creating a clear roadmap for your loved ones.

The Agonizing Search for a Missing Will

I have seen families spend months and thousands of dollars searching for an original will. They tear apart a house, rent safe deposit box drills, and make endless phone calls. If the original will cannot be found, the court will often presume it was intentionally revoked and destroyed. The result is that the estate is settled as if there were no will at all, completely thwarting the deceased’s wishes.

How to Achieve It: Create Your “Legacy Binder”

Resolve this year to create a single, organized place for all your critical information.

• Organize Physical Documents: Your original will, trust, POA, and other documents should be stored in a secure, fireproof location. This could be a safe at home, a safe deposit box (ensure your executor has access), or held for safekeeping at your attorney’s office.
• Create a Master Information List: This is a non-legal document that is invaluable to your family. It should list all of your assets (bank accounts, real estate, investments), liabilities, insurance policies, and, most importantly, the location of your original estate planning documents and the contact information for your attorney.
• Inventory Your Digital Assets: Create a list of your important online accounts—email, social media, cloud storage, cryptocurrency. Do not write down the passwords. Instead, note the existence of the accounts and how to access them via a secure password manager. Your will should also grant your executor the specific authority to manage these assets in accordance with New York’s laws.

Resolution #5: “I Will Finally Fund (or Review the Funding of) My Living Trust.”

This resolution is for the many people who have a Revocable Living Trust. A trust is only effective if you fund it, meaning you legally transfer your assets into its name. An unfunded trust is one of the most common and tragic mistakes in all of estate planning.

The “Empty Shell” Trust

A family came to our firm after their father passed away, relieved that he had a trust and that they would avoid the probate process. Our investigation revealed that while the trust document was beautifully drafted, the deed to his house was still in his individual name, as were all his non-retirement investment accounts. The trust was an empty shell. It owned nothing. As a result, his entire multi-million-dollar estate had to go through the public and lengthy probate process in New York Surrogate’s Court.

How to Achieve It: Your New Year’s Trust Funding Checklist

Make this the year you ensure your trust works as intended.

1. Review the Deed to Your Home: Look at your most recent property tax bill or the original deed. Is the owner listed as “[Your Name], as Trustee of the [Your Trust Name]”? If not, this is your top priority. An attorney must prepare and record a new deed.
2. Check Your Financial Accounts: Review the statements for your non-retirement bank and brokerage accounts. The owner should be the trust. If not, contact the financial institution to get the paperwork to retitle the accounts.
3. Assign Your Personal Property: Ensure you have a signed “Assignment of Personal Property” that transfers your tangible goods (art, furniture, jewelry) to the trust.

This meticulous process is the key to unlocking the power of your trust.

Conclusion: The Resolution That Lasts a Lifetime (and Beyond)

The turn of the year is a powerful motivator. It is a chance to commit to actions that will have a lasting, positive impact. While resolutions to improve our physical health are important, the resolution to improve your family’s financial and legal health is one that will echo for generations. Completing your estate plan is not just checking a box; it is the construction of a lasting legacy of security, clarity, and love.

Do not let another year pass with this critical task on the back burner. Use the momentum of the new year to transform your intentions into a completed plan. The peace of mind that comes from knowing you have done everything in your power to protect your loved ones is the greatest gift you can give yourself and them. Resolve to plan better in 2026. Schedule your New Year’s estate planning review with Morgan Legal Group and let us help you make this your most accomplished year yet.

For more general information on financial resolutions, you can visit the consumer resources provided by the official U.S. government website, USA.gov.