Do you start the New Year off with the best of intentions?

Many of us make resolutions around improving our lives by reading more, striving for a job promotion, boosting a savings account, or exercising. In addition to setting goals for healthy personal and financial habits, the New Year is the perfect time to consider your estate and business planning needs.

If you already have an estate plan in place, wonderful! You should still review those core estate planning documents and confirm that your beneficiaries, guardians, and instructions are up-to-date, and that your plan reflects any recent life changes. If you don’t have estate planning documents in place, it’s a great time to start. Here are some points to keep in mind:

• A good estate plan includes documents that specify who will receive your assets upon your passing (rather than defaulting to state law). Typically, an estate plan includes financial and medical powers of attorney.
• Take some time to consider who should be included in your estate plan and how your assets will be distributed when the time comes.
• A financial review/cleanup provides you with invaluable information as you begin your estate planning journey. Review your budget, create a plan to pay down any debt, run a credit check to look for items that might indicate fraud, and assess auto-payments or subscriptions you no longer need.

For business owners, it’s good practice to annually review your operations and set a contingency plan for your company. You might consider:

• Revising company manuals – As your business grows, you must adjust to changes in staffing, services, and production. Employment laws change as well. Update your personnel and procedural manuals to grow with your business and stay current with applicable laws.
• Reviewing and updating contracts – Contracts are legal documents meant to protect you and your business. Review, revise, or renew existing contracts as necessary to adjust for situations that may have changed or no longer exist.
• Revisiting insurance for proper coverage – Make an appointment with your insurance carrier for both personal and business coverage to account for changes that may impact your coverage needs. Ask your carrier about Employment Practices coverage.

While most New Year’s resolutions involve a lengthy commitment, these estate and business planning suggestions can be addressed and checked off, at least for another year. Dedicate your resources toward the goal of getting your proverbial house in order. The peace of mind will be worth it!

Wescott Law serves the legal needs of businesses and individuals in the Lakes Region and beyond. The main office is located in Laconia with satellite locations in Meredith and Plymouth.