As we approach the end of another year, it’s easy to get caught up in holiday cheer and forget about the less exciting, but equally important, task of reviewing your legal affairs. But don’t let a simple oversight cost you time, money, or peace of mind.
A year-end legal review is like a tune-up for your life. It helps you identify potential issues, strengthen your legal position, and set yourself up for success in the coming year.
Here are five actionable tips to consider as you prepare for the new year.
1. Stay Informed About Legal Changes
Laws evolve, and staying informed about legislative change, especially those affecting Oklahoma, can save you time, money, and unnecessary legal complications.
Watch out for:
- AI and Privacy: As AI continues to advance, new laws need to regulate its use and protect the user’s privacy. This is especially important if you work with sensitive information.
- Cybersecurity: Ensure your private and business online activities are secure and compliant with data protection regulations.
In Oklahoma, we’re seeing an increase in legal requirements surrounding digital privacy, employment law, and property ownership. For instance, updates in landlord-tenant laws could affect property owners, while recent changes in healthcare privacy regulations impact individuals with medical or personal care needs. For businesses, new labor laws at both the state and federal levels may influence hiring practices, wage calculations, and employee benefits.
2. Setting Legal Goals for the New Year
The start of a new year offers a fresh opportunity to define legal goals that align with your broader life objectives.
For example:
Personal Goals:
- Update your will and estate plan
- Create a power of attorney or put a guardianship in place
- Review your life insurance policy
Business Goals:
- Review and update contracts
- Ensure compliance with new regulations
- Develop a crisis management plan
Ensure establishing clear, actionable goals, whether they involve strengthening your business’s legal framework, planning for future family needs, or safeguarding your assets.
3. Review 2024 Legal Achievements and Milestones
Taking stock of the past year is an essential first step in your year-end legal review. For some, this may mean looking back on resolutions or legal decisions that have strengthened your position or relationships. For others, it may mean a successful outcome in a legal matter, be it settling a dispute, establishing a business, or securing a favorable judgment.
Reflecting on these milestones can remind you of your growth and help you recognize any new legal priorities that may have emerged.
4. Planning for Future Legal Needs
A proactive approach to future legal planning can save you from potential stress down the line. Think about where you envision yourself, your family, or your business in the next three to five years.
- Family Law: Consider prenuptial agreements, divorce proceedings, or child custody matters.
- Criminal Defense: Consult with an attorney to discuss potential legal issues and develop a strategy for defense. If you have a criminal record, discuss potential expungement options.
- Military Law: For service members, plan for potential deployments, legal issues related to military benefits, and transition assistance.
- Business Law: Plan for business growth, mergers, or acquisitions.
- Real Estate Law: Review property titles, leases, and zoning regulations.
5. Legal Tips for a Successful Start to the Year
To set yourself up for success, we recommend these basic legal “housekeeping” tips as you head into another year:
- Organize Your Documents: Take the time to locate, review, and organize any critical documents, including deeds, contracts, insurance policies, or estate documents.
- Update Beneficiaries: Life changes such as marriage, divorce, or new family additions warrant updating beneficiaries on retirement accounts, insurance policies, and estate plans.
- Ensure Compliance: If you’re a business owner, review your compliance with local, state, and federal laws to prevent penalties.
- Prepare for Tax Season: Early organization of financial records can make tax season less stressful and potentially reveal deductions or credits you may have overlooked. Tax season will come before you know it!
We are here to help!
As Oklahoma’s Trusted Law Firm, our team at Cannon & Associates is committed to helping you navigate your legal goals year-round. We understand that your legal needs evolve, and we’re here to provide guidance in everything from family to military and criminal law.
If you’re in need of legal support, don’t hesitate to reach out to our team. For more information or to schedule a FREE case strategy session with our legal team, call us today at (405) 358-4902 or contact us here. We offer no-obligation consultations and prioritize your privacy.
Let’s make 2025 your most successful year yet!