The 5 Documents Every Family Should Review at the Start of the Year

The beginning of a new year often brings a sense of momentum. Calendars are fresh, routines reset, and many families are thinking about what they want the year ahead to look like.

 

From a financial planning perspective, January is also an ideal time to do a quick check-in—not to overhaul everything, but to make sure the foundational pieces of your plan still reflect your life as it is today.

 

One of the simplest (and most overlooked) ways to do that is by reviewing a handful of key documents. These aren’t things you need to look at every month, but reviewing them annually can help prevent small issues from turning into bigger problems down the road.

 

Here are five documents every family should review at the start of the year.

 

1. Estate Planning Documents

This includes your:

• Will

• Revocable trust (if applicable)

• Powers of attorney

• Healthcare directives

Life changes quickly. Marriages, divorces, births, moves, changes in relationships, or shifts in financial complexity can all impact whether your estate documents still do what you intend them to do.

 

At the start of the year, ask yourself:

• Are the right people named in decision-making roles?

• Do these documents still reflect my current family structure?

• Has anything materially changed since these were last updated?

You don’t need to revise your estate plan every year, but you do want to confirm that it still aligns with your life today.

2. Beneficiary Designations

Beneficiary designations often override what’s written in a will, which makes them especially important to keep current.

Accounts to review include:

• Retirement accounts (IRAs, 401(k)s, etc.)

• Life insurance policies

• Annuities

• Certain investment accounts

Common issues we see:

• Ex-spouses still listed

• Parents listed when a spouse should now be primary

• Outdated contingent beneficiaries

• Missing beneficiaries altogether

A quick annual review helps ensure your assets would flow as intended and saves your family unnecessary stress later.

3. Insurance Policies

Insurance is one of those things most people set up once and then forget about. But your coverage should evolve as your life evolves.

 

Key policies to review:

• Life insurance

• Disability insurance

• Umbrella liability coverage

• Home and auto insurance (at least at a high level)

Consider:

• Has your income changed?

• Have your assets grown?

• Have you taken on new responsibilities (children, business ownership, caregiving)?

• Would your current coverage still protect your family if something unexpected happened?

This isn’t about maximizing coverage, it’s about making sure you’re appropriately protected.

4. Account Ownership and Titling

How an account is titled matters just as much as what’s inside it.

At the start of the year, it’s helpful to confirm:

• Joint vs. individual ownership is intentional

• Trust-owned accounts are properly titled

• Old accounts from previous jobs or life stages still make sense

Incorrect or outdated account titling can cause delays, tax inefficiencies, or complications during major life events. A simple review can help ensure everything works together the way it’s supposed to.

5. Your Financial “Organizing System”

This one isn’t a single document, but it’s just as important.

Ask yourself:

• Do I know where my key documents are stored?

• Could my spouse or partner easily find them if needed?

• Do I have a clear list of accounts, passwords, and advisors?

Whether it’s a secure digital vault, a physical binder, or a shared system with your advisor, having an organized framework reduces stress and creates clarity, especially in moments when clarity matters most.

A Simple Annual Habit That Pays Off

Reviewing these five areas doesn’t require weeks of work or major decisions. In most cases, it’s about confirming, not changing.

 

At Copper Beech, we view this as part of good financial hygiene. Small, consistent check-ins that help keep your plan aligned with your life. January is a natural time to do it, but the real value comes from making it a habit you return to each year.

 

If you’re not sure whether your documents are coordinated, or you simply want a second set of eyes, we’re always happy to help you walk through them as part of your broader financial plan.

 

Sometimes peace of mind comes not from doing more, but from knowing the essentials are already in good order.