5 Estate Planning Resolutions for the New Year
5 Estate Planning Resolutions for the New Year
A new year is a natural time to take stock of your life—your health, your finances, your goals. But most people's resolution lists skip one of the most important items: making sure their estate plan is up to date. If you live in Texas, here are five resolutions that could protect your family this year.
1. Create a Will (or Update the One You Have)
If you don't have a will, this is the year to fix that. Under Texas intestacy laws, the state decides who gets your property when you die without one. That plan rarely matches what families actually want.
If you already have a will, ask yourself these questions:
- Have you gotten married or divorced since you signed it?
- Have you had children or grandchildren?
- Has your executor moved away or become unable to serve?
- Have you bought or sold significant assets—like a home in The Woodlands or a family ranch?
If the answer to any of these is yes, your will needs an update. Texas allows you to update a will through a codicil (a formal amendment) or by creating a new will that revokes the old one.
2. Sign a Medical Power of Attorney and Living Will
These two documents are separate from your financial estate plan, but they're just as important. A medical power of attorney names someone to make healthcare decisions if you can't. A living will—called a Directive to Physicians in Texas—spells out your wishes for end-of-life care.
Without these documents, your family may face agonizing decisions with no guidance. Worse, they might disagree with each other about what you'd want, leading to conflict at an already painful time.
3. Review Your Beneficiary Designations
Here's something that surprises many people: your will doesn't control everything. Assets like life insurance policies, 401(k)s, IRAs, and bank accounts with payable-on-death designations pass directly to the named beneficiary—regardless of what your will says.
Take time this month to:
- Log into your retirement accounts and check the beneficiaries
- Call your life insurance company and confirm the designations
- Review any transfer-on-death or payable-on-death accounts at your bank
- Make sure the people listed are still the people you'd choose today
This is especially critical after a divorce. Texas law revokes beneficiary designations to a former spouse for certain instruments, but not all of them. Don't leave it to chance.
4. Get a Durable Power of Attorney in Place
A financial power of attorney lets someone you trust handle money matters if you're unable to. This includes paying bills, managing investments, dealing with insurance claims, and filing taxes.
In Texas, the statutory durable power of attorney form is found in Section 752.051 of the Estates Code. The word "durable" is important—it means the authority continues even if you become incapacitated. Without the durability language, the power of attorney dies when you need it most.
5. Have the Conversation with Your Family
This might be the hardest resolution on the list, but it's one of the most valuable. Talk to your spouse, your adult children, and anyone named in your estate plan. Let them know:
- Where your documents are stored
- Who your attorney is
- What your wishes are for healthcare and end-of-life decisions
- Who you've named as executor, trustee, or agent
These conversations aren't easy. But they're far easier than the alternative—leaving your family to guess during a crisis.
Start This Year Off Right
Estate planning isn't something you do once and forget about. It's a living process that should change as your life changes. The new year is the perfect time to take action.
At Dickey Law Group, we work with families across The Woodlands, Spring, Conroe, and the greater Houston area. Whether you need a new plan or a simple update, we're here to help. Schedule your free consultation today or call us at (832) 521-4414.