Most of us know we should review our finances and estate plans regularly, but few people know where to start. The good news is you don’t have to do it all at once. Spread the process across a year, in five steps, and it’s manageable. Here is the process we suggest:

1. Write down what you have (Months 1–2) Make a simple list of everything you own, including bank accounts, investments, insurance, property, business interests and everything you owe, such as mortgage, credit cards, loans. Subtract debts from assets and you’ve got your net worth. This single document becomes the foundation for every decision that follows, and it’s a gift to your family (and roadmap) if something happens to you.

2. Confirm your beneficiaries (Months 3–4) Your will and trust aren’t always what determines who inherits your assets. Many accounts (retirement accounts, life insurance and anything with a “payable/transfer on death” designation) pass directly to whoever is named as beneficiary on a designation form, will or no will. People often set these beneficiaries once, forget about them, and never update them after a marriage, divorce or new baby. Take an afternoon or two to make sure every account’s beneficiaries still match what you want.

3. Pick who acts for you if you can’t during your lifetime (Months 5–6) Several documents matter here: a Power of Attorney (naming an agent who can manage your finances if you’re incapacitated) and a Healthcare Power of Attorney (nominating a person who can make medical decisions for you). Choose people you trust completely and make sure to discuss with them what you’d want in a variety of scenarios they may face.

4. Update your will and trust (Months 7–8) Life events like new kids, moves to different states, growing assets and tax law changes mean your estate documents should keep up. Ask yourself: is my named guardian for the kids still the right choice? Does my executor still make sense? Have I bought anything new that needs to be accounted for? If you’ve moved states, it’s worth a quick check-in with a local attorney, since estate rules vary.

5. Tell people the plan (Months 9–10) A great plan does nothing if no one knows about it. Let your agents, executor and trustee know they’ve been named, and what you expect of them. Consider writing a simple letter of wishes for your family covering funeral preferences and any personal messages. And think about what and when to tell your beneficiaries about what they will inherit.

Bottom line: You don’t need a perfect plan today. You need a next step. Pick one of these five areas and take the first step. We’re here to help you confirm that your plan reflects your current circumstances, or to review any of these areas together whenever the time is right.