Legal Tips to Start Your New Year

The New Year means new opportunities to set goals and organize important aspects of your life—including your legal and financial matters. By taking proactive steps early in the year, you can safeguard your interests, protect your loved ones, and lay the groundwork for a successful year and future. Here are some essential legal tips to help you start the year on the right foot.

1. Review Your Will and Estate Plan
Life is ever-changing, and your estate plan should reflect your current wishes and circumstances. Start the year by reviewing your will, trusts, legal directives, and other estate planning documents.

• Account for Life Changes: If you’ve experienced major events like marriage, divorce, the birth of a child, or the acquisition of significant assets, your estate plan may need updates.
• Review Beneficiaries: Ensure your beneficiary designations on retirement accounts, life insurance policies, and other financial assets align with your overall estate plan.
• Consider a Living Trust: A living trust can help you avoid probate, maintain privacy, and ensure a smoother asset distribution process.

2. Check Your Property Deeds
Whether you own one property or multiple properties, it is important to understand how you own the property and how it will pass to beneficiaries upon your death. Co-owners can own property as joint tenants with rights of survivorship or as tenants in common. You can read our blog post regarding understanding real estate ownership to learn more. You can also read our blog post regarding Transfer on Death Deeds to learn more about real estate beneficiary designations. It is important to review your deed(s) to determine whether any changes to ownership or beneficiary designations need to be made in the New Year.

3. Check Your Contracts
Whether you’re a business owner or an individual with active agreements, reviewing contracts annually can help you stay compliant and avoid potential disputes.

• Identify Expiring Contracts: Note contracts set to expire or auto-renew this year and decide whether renegotiation is needed.
• Assess Lease Agreements: If you’re a landlord or tenant, ensure your lease terms are up-to-date and reflect current market conditions or legal requirements.
• Update Vendor and Client Agreements: For businesses, reviewing agreements with vendors and clients can help you identify areas for improvement or renegotiation.

4. Review Your Insurance Policies
Insurance is a critical component of financial and legal planning. Begin the year by reviewing your policies to ensure you’re adequately covered.

• Life Insurance: Verify that your coverage amount and beneficiary designations align with your current needs.
• Property and Liability Insurance: Update policies to reflect changes in property values or new liabilities.
• Business Insurance: Ensure your business has adequate coverage for property, liability, and workers’ compensation.

5. Organize Important Documents
Keeping your legal and financial documents organized can save time and reduce stress in an emergency.

• Create a Centralized System: Store important documents, such as wills, deeds, contracts, and insurance policies, in a secure, easily accessible location.
• Digitize Records: Maintain electronic copies of critical documents for added convenience and security.
• Share Access: Ensure trusted family members or advisors know how to access your documents if needed.

6. Set Legal Resolutions for the Year
Finally, take a proactive approach by setting legal resolutions for the New Year.

• Schedule Regular Reviews: Commit to reviewing your legal documents and contracts annually.
• Consult Professionals: Engage with an attorney, financial advisor, and/or tax professional to ensure your plans are comprehensive and legally sound.
• Educate Yourself: Stay informed about changes in laws that might impact your personal or business affairs.

Taking these steps at the beginning of the year can help you avoid future headaches, protect your assets, and ensure your plans align with your goals. Whether you’re updating your estate plan, reviewing contracts, or setting up trusts, a little effort now can save time and money later. For tailored advice and assistance, consult a trusted attorney who can guide you through the process and help you make the most of the year ahead.


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