Every year when the holidays roll around, I find myself watching at least one version of A Christmas Carol. No matter if it is an old black-and-white version, the Muppet version, or a newer one, I always get pulled in when Scrooge is shown the parts of his life he has tried to avoid. By the end of the story, he is ready to get his life in order. And I smile every time because I meet so many people who have their own “Scrooge moment.” It might not be as dramatic as the Ghost of Christmas Present yanking them from their bed, but something small happens that makes them stop and think, “I need to take care of this.”
Last December, a good friend of mine, Paul, gave me a call after he had his own moment like that. He was watching a holiday movie with his grandkids when he realized he could not remember who he had named as the beneficiary on a life insurance policy from his old job. He said he felt like the main character waking up and finally seeing things clearly. He laughed when he said it, but there was truth in it. The end of the year has a way of making us think about our past, our future, and the people we care about.
I told Paul what I tell many families: there are a few simple tasks you can finish before the new year that make a big difference later. These tasks do not take long, but they protect the people you love. Around the holidays, when life slows down for a moment, it can be the perfect time to get them done.
After Your Scrooge-Style Wake-Up Call, Take Care of These Year End Legal To-Dos :
The first thing we talked about was updating beneficiaries. Many people think they are set because they did this once, years ago. But life changes. Families grow. Loved ones pass away. People get divorced or remarried. Paul checked his policy and found he still had his brother listed, even though he wanted everything to go to his daughter now. Fixing it took less time than wrapping a gift.
Next, I asked him to make a clear note of where he kept his digital passwords. You do not have to write the passwords themselves, but you should write down where they are stored and who can get to them. I have seen families struggle to open a parent’s email or online bank account, and it becomes a real burden during an already hard time. Paul had all his passwords saved in one app, but no one knew how to access it. He decided to share the instructions with his daughter so she would not be left guessing.
Then we talked about checking home documents and bank accounts. Titles and names on accounts can sometimes have small errors that cause big problems later. Paul found that his middle initial was missing on one deed, and an old bank account still had his name spelled wrong. These were simple corrections, but important ones.
Paul also gathered his key documents. He had a will, a power of attorney, and an advance directive, but they were scattered in different places around his house. He put them into one folder and stored it somewhere safe. He then told his daughter where the folder was. That last step may sound small, but it brings a lot of peace to families.
When he finished, Paul told me next time we ran into each other, “You know, this feels like the part in the movie where the character like Scrooge finally wakes up and starts doing the right things.” I told him that taking care of these tasks is not about fear or pressure. It is about love, preparation, and wanting to make life easier for the people who will one day walk behind you. At the very least, doing these things now may save you a visit from three Christmas spirits.
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The information provided is not intended to be legal or tax advice and does not constitute any attorney/client relationship. You should consult with an attorney for individual advice regarding your own situation.
Ms. Melancon is an attorney with Legacy Estate & Elder Law of Louisiana, LLC with offices in Baton Rouge, New Orleans and Lake Charles, LA. The primary focus of her practice is estate planning, probate, special needs planning, and elder law. For more information or to attend an upcoming estate planning seminar, call her office at (225) 744-0027.
