Different stages of life call for different goals. As 2025 ends, here are a few things to keep in mind depending on what season of life you are in.

For Young Adults

For young adults over the age of 18, you may want to consider getting a Durable Power of Attorney and health care proxy. Whether you are away at college, living on your own, or remain at home determining your next steps, having these documents allows people you trust to look out for your financial and medical wellbeing if something should happen to you and you are unable to decide for yourself.

For Parents

If you are a parent, you should execute a last will and testament to designate a guardian of your children’s property and person should anything happen to you and your co-parent. This person would have to be appointed by the Surrogate’s Court to serve as guardian to your child and would have annual reporting obligations. The document should also create a trust for the minor child which can take ownership of your assets after death including your home, life insurance proceeds, 401K monies, etc. It is important to consult the person(s) you nominate as trustee and guardian to make sure that he or she is willing to serve.

For Spouses

If you are married without an estate plan, you should know that a deceased spouse’s assets do not automatically transfer to the surviving spouse. If you pass away without a Will or Trust in New York state, and you do not have children, all your assets go to your spouse. However, if you are married with children, the first $50,000 goes to your spouse and then the remainder is split 50% to the spouse and 50% to biological or adopted children.

For Unmarried Partners

If you have a long-term partner but are not legally married, it is crucial to include your partner in your estate plan to avoid your next of kin inheriting instead of the person to whom you may be closest. If you and your partner live in a home together, the deed to the property and estate planning documents should be coordinated to plan out whether the survivor has a legal right to ownership of the property, a continued right to live there, or if other plans are contemplated.

For Older Adults and Those With Health Conditions

If you are nearing your more senior years or have a chronic health condition, you may want to consider an estate plan with a focus on asset protection. To apply for in-home care or nursing home Medicaid, your income and assets must be under the threshold determined by the State’s Department of Health. Irrevocable Trusts can protect assets from being counted as available resources to pay for care. As of 2025, if you need care within your home, there is no look back period, so if assets are transferred out of your name, you can more easily become eligible for in-home care. On the contrary, the asset must be transferred out of your name 5 years prior to seeking assistance with the costs of a nursing facility. Medicaid rules are subject to change and some assets should not be transferred to an Irrevocable Trust. Thus, you should consult an attorney regarding asset transfers.

Let the close of 2025 and the dawning of a new year be a reminder to generate, review, or update your estate plan.