New Year’s resolutions usually fall into two categories: things we believe that we will actually do (work out and eat better), and then the things that we quietly abandon by February. Estate planning almost never makes the list — which is wild, because it is one of the few resolutions you can actually complete and it will last for years.
Before you click away thinking this that this article is only for retirees or people with yachts, hear us out. Estate planning is not just about dying. It is about living smarter. The truth is the people who benefit most from estate planning are often the ones still building their lives.
Estate planning is life planning for you and your loved ones.
This will not be a morbid exercise or a sign that you are “getting old.” Estate planning is a way to confirm that your reality can continue even through the unexpected: relationships, children, careers, health surprises, aging parents, early retirement goals, an expected inheritance, and yes, also planning for anything unfortunate that may occur.
There is a growing wave of Americans who plan to retire earlier than previous generations. That is exciting — but it also requires planning beyond investment apps and spreadsheets. Estate planning ties directly into that vision. Life insurance, disability planning, beneficiary designations, asset protection and financial planning are all part of the overall thorough plan that is discussed during estate planning.
Why “I don’t need a Will” is Usually Not True
Most think they do not think they need one because right now their estate is “simple,” or they are just starting out, and have not reached where they hoped to be yet to require “adulting,” or they assume everything will automatically go to the right people. That assumption is risky because without a Will, state law decides who inherits your assets. This process is called dying intestate. Those laws were written decades ago, when the definition of family was different. Today, families are blended, unmarried, multi-state, and often non-traditional.
If You Have Children
Without a Will or a Trust, a judge — who does not know your values, or your family dynamics — may have to decide who raises them. Even when family members agree, the Court must still follow civil procedure, which typically involves delays and stress, that can be avoided in an already difficult time. Estate planning gives you a voice in that process and allows you to clearly state who you trust to step into that role.
Creating a Will or a Trust-based estate plan also matters because you cannot create meaningful protections for money left to children without proper planning. The law does not automatically create Trusts for minors, nor does it create Special Needs Trusts for loved ones who require ongoing support to preserve eligibility for public benefits. If you do nothing, assets may be distributed outright once a child reaches the age set by state law — often much younger than most parents would ever choose and with no guardrails.
Estate planning allows you to decide how and when money is used: for education, housing, healthcare, or other priorities — and when children are mature enough to manage it themselves. It also spares your loved ones from having to hire attorneys and make difficult decisions during a crisis. Instead of an insurance check arriving in the mail or funds being deposited directly into an account with no guidance, your plan creates structure, protection, and peace of mind when it matters most.
Estate Planning Is Easier Than You Think
Most people avoid estate planning because it sounds overwhelming. In reality, a solid basic plan is straightforward.
For most people, an estate plan has three (3) core components:
- A Will or Revocable Trust
These documents specify your intentions about where your assets go, allow you to name guardians for minor children, and set clear rules for how inheritance and personal property are distributed. This includes everything from financial accounts to personal items with sentimental value — such as books, jewelry, or your carefully curated bourbon or wine collection.
- Durable Financial and Health Care Powers of Attorney
Powers of attorney allow you to appoint trusted individuals to make financial and medical decisions on your behalf if you are unavailable or incapacitated. These can be tailored to your comfort level and help avoid costly judicial intervention, while providing you and your loved one’s peace of mind during uncertain situations.
- Updated Beneficiary Designations
Beneficiary designations on retirement accounts and life insurance policies often control more assets than a Will, and can also be assigned to a Trust. When coordinated properly with your overall estate plan, they help ensure assets pass smoothly, reduce confusion, and spare your beneficiaries unnecessary stress and delays.
That’s it. No drama. No months of work. No endless paperwork.
A NYE Resolution That Lasts
You may have resolved to join a gym, clean out a closet, or organize your photos. Estate planning is a different type of resolution. It is a one-time investment that keeps paying off. Estate planning also helps you protect privacy, can avoid probate, reduce taxes, support loved ones with special needs, plan for incapacity, provide for pets, address blended family concerns, protect inheritances from creditors/divorces, and plan for small business continuity if you own one. And … once it is done, you don’t have to think about it every day.
Bonus: Clients report that they sleep better knowing their estate planning is complete.
If you already have an estate plan, the New Year is the perfect time to review and update it. Life changes quickly, and plans should evolve with it. This process is called an assisted review where an attorney reviews your existing estate plan and lets you know what it says and whether you may benefit from any updates.
If you do not have one, there’s no better time to start than now.
Your future self — and your family — will thank you.
If you are in need of assistance, the attorneys at Collins Family & Elder Law Group can help.
