New Year, New Plan: Legal Items to Address in 2026

Many of us focus our New Year’s resolutions on gym memberships and travel plans. But taking time to review your estate planning health can bring an equally valuable sense of accomplishment! By addressing a few of the following legal items now, you set a foundation of security that will last well beyond 2026.

Assembling a Team of Professionals

Assembling a team of trusted professionals is a great first step. At the center of this team should be an experienced estate planning attorney, but their expertise is just one piece of the puzzle.

A financial planner can help you grow your wealth and align your estate with your financial goals. A knowledgeable insurance agent is also essential for identifying coverage gaps and protecting your assets from unexpected events. Finally, given the intricacies of estate tax laws and ever-changing income tax laws, a CPA specializing in estates and trusts can help you or your heirs avoid overpaying taxes or facing penalties for filing errors and help you maximize lifetime benefits.

Essential Legal Documents

A solid legal plan starts with three essential documents for anyone who wants to ensure their wishes are clearly understood and respected: 

Power of Attorney

A Power of Attorney (POA) allows you to appoint someone you trust to manage your financial affairs if you are unable to do so yourself.

Health Care Proxy

While a POA handles your finances, a Health Care Proxy handles your medical decisions. This document allows you to designate an agent to make health care decisions on your behalf if you are unable to communicate them yourself.

Last Will and Testament

Everyone should have a Will. It provides clear instructions on how you want your assets distributed and, critically, allows you to name an executor to handle your estate.

Protecting Young Children

For families with young children, legal planning takes on an added layer of importance. It is about more than just assets; it is about ensuring their physical care and future security.

Guardianship and Physical Care

If something were to happen to you, who would raise your children? This is often a challenging question for parents to answer, but it is the most important. By legally naming a guardian in your Will, you ensure that your children are raised by someone you trust, rather than someone chosen by the Court.

Proactive Measures for Modern Families

Taking proactive steps is especially important for same-sex couples. Even if one parent is biologically related to the child, we strongly recommend securing parental rights through legal processes such as second-parent adoption, or a health care proxy for a minor. This ensures both parents have clear legal standing to make decisions for their minor child in the event something happens to one parent.

Planning for College-Aged Children

When your child turns 18, they are legally considered an adult. This is an exciting step toward independence, but it also means that parents are no longer automatically entitled to access their child's medical records, school information, or financial details, and may not be able to help in an emergency.

If your child would like you to have access to their medical and financial information, they need to sign a Health Care Proxy and a Power of Attorney. These documents enable you to assist them if required, ensuring you are there for them when it matters most. Learn more about our college confidence package!

Avoiding a “Treasure Hunt”

Make sure your loved ones don't have to go on a treasure hunt to find your assets. Create a secure list of your accounts, including where they are held (e.g., "Checking account at Chase," "Investment account at Fidelity"). You do not need to write down sensitive account numbers or passwords on this list. It’s about creating a roadmap so your executor or agent under power of attorney knows where to find your assets.

Cryptocurrencies and Digital Wallets

If you own cryptocurrency or other non-physical assets, ensure you have a plan for your executor to access them. Unlike a bank account, which can often be found via a social security number search, a crypto wallet can be lost forever if the access keys are not preserved. 

Locating Original Documents

Are you certain of where your original legal documents are stored? In New York state, the Court requires the original, signed Will for probate; photocopies are not accepted. Ensure your attorney is securely storing your originals, or consider placing them in a fireproof safe for safekeeping.  Don’t put them into a safe deposit box with your bank as those are sealed upon your passing and no one will have access until they receive permission from the Court.

Start the Year with Peace of Mind

Addressing these legal items might feel like a lot to tackle, but you do not have to do it all at once. Start by identifying your family's most pressing needs and go from there. If you are unsure where to begin, we’d love to be your best first step in navigating these important decisions!