Blog: New Year, New Legal Checklist: 10 Things Every Minnesota Family Should Review
By: Alex R. Flaten
INTRODUCTION
The start of a new year is the perfect time to get organized—not just with your goals and finances, but with your legal planning as well. Life changes quickly, and even small changes can have a big impact on whether your legal documents still do what you want them to do. Marriage, divorce, new children or grandchildren, new property, or changes in your health or finances are all good reasons to review your legal plan.
Below are ten key legal and financial items every Minnesota family should review at least once a year.
1.) YOUR WILL
Your will is the foundation of your estate plan. It determines who receives your property, who will handle your estate, and, if you have minor children, who will care for them. You should review your will to make sure it still reflects your current family situation, relationships, and wishes. Changes in marriage, divorce, births, deaths, or finances often mean your will needs to be updated.
2.) BENEFICIARY DESIGNATIONS
Some assets—like life insurance policies, retirement accounts, and certain bank accounts—pass directly to beneficiaries and are not controlled by your will. That means even if your will is updated, outdated beneficiary forms can send money to the wrong person. Reviewing these ensures your assets go to the people you intend and helps avoid family disputes.
3.) FINANCIAL POWER OF ATTORNEY
A financial power of attorney allows someone you trust to manage your finances if you become incapacitated or unable to act for yourself. This can include paying bills, managing bank accounts, or handling property matters. Without this document, your family may be forced to go to court to get permission to help you.
4.) HEALTH CARE DIRECTIVE
A Minnesota health care directive lets you name someone to make medical decisions for you if you cannot communicate, and it can also spell out your wishes regarding treatment and end-of-life care. Reviewing this ensures the right person is still named and that your instructions still reflect your values and preferences.
5.) GUARDIANSHIP DESIGNATIONS FOR MINOR CHILDREN
If you have children under 18, your estate plan should name who you want to care for them if something happens to you. While a court makes the final decision, your nomination carries significant weight. This is one of the most important—but often overlooked—parts of a family’s legal plan.
6.) YOUR PROPERTY AND ASSET LIST
Your estate plan works best when it is based on an accurate and up-to-date list of what you own. This includes real estate, vehicles, bank accounts, investments, retirement accounts, and valuable personal property. Reviewing this list helps ensure nothing is forgotten, and your plan still fits your financial situation.
7.) TITLES AND OWNERSHIP OF PROPERTY
How property is titled—such as jointly, individually, or with transfer-on-death designations—can determine what happens to it when someone passes away. Reviewing ownership and titles can prevent unintended consequences and make sure your property transfers in the most efficient way possible.
8.) BUSINESS OR FARMING INTERESTS
If you own a business or farm, you should have a clear plan for what happens if you become disabled or pass away. This might include succession planning, buy-sell agreements, or instructions for who takes over operations. Without a plan, your family and business partners may face serious legal and financial complications.
9.) LIFE INSURANCE COVERAGE
Life insurance can play a crucial role in supporting your family, paying off debts, or covering expenses after a death. Reviewing your coverage helps ensure the amount is still appropriate and that the beneficiaries are correct—especially after major life changes.
10.) YOUR OVERALL ESTATE AND LEGAL PLAN
Finally, it’s important to look at how all these pieces work together. Your will, powers of attorney, health care directive, beneficiaries, and property ownership should be coordinated and consistent. A yearly review helps catch conflicts, gaps, or outdated provisions before they become problems.
WHY THIS MATTERS
Failing to keep these documents up to date can lead to confusion, court involvement, family conflict, and unnecessary stress during already difficult times. A simple annual review can save your loved ones significant time, money, and hardship.
HOW JENNRICH LAW CAN HELP
Jennrich Law helps Minnesota families create, review, and update estate plans tailored to their unique lives and goals. Whether you need a simple update or a comprehensive review of your legal plan, our team can guide you through the process and ensure everything is properly in place. Start the new year with peace of mind. Contact Jennrich Law today to schedule a consultation and get your legal checklist taken care of.
