Life doesn’t slow down, and during the busy holiday season, it can feel even harder to find time to reflect. However, as the year comes to a close, it’s worth setting aside a moment to revisit your estate plan and make any necessary updates. Making sure your plan matches your current goals and situation is a great way to kick off the new year on the right track.
To help, we’ve created a checklist of key areas to review so nothing gets overlooked:
Update Your Asset Inventory
- Make a list of everything you own, like bank accounts, investments, real estate, and personal belongings.
- Add any new acquisitions and remove anything you’ve sold so your estate plan remains accurate.
Review Beneficiary Designations
- Double-check the beneficiaries listed on your retirement accounts, life insurance policies, and payable-on-death accounts.
- Update them to reflect any major life changes, such as marriage, divorce, or the birth of a child.
Evaluate the Relevance of Your Estate Plan
- Consider whether your will, trusts, or other legal documents still match your goals and meet your family’s needs.
- Discuss recent tax law updates or new potential strategies with your estate planning attorney.
Reassess Powers of Attorney and Medical Directives
- Confirm that the people named to make financial or healthcare decisions for you are still the right choices.
- Update their contact information if needed.
Address Business and Charitable Goals
- If you’re a business owner, review your succession plan to ensure it reflects your current intentions.
- Revisit your charitable giving strategy and consider tax-efficient options, such as donating appreciated assets.
Reflect on Family Changes
- Consider any big life changes, like moving, shifts in your family relationships, or health issues, that could affect your estate plan.
Set Goals for the New Year
- Look for opportunities to improve your estate plan or financial strategy.
By taking these steps now, you can ensure your estate plan reflects your wishes and prepares you for the year ahead. If you’re ready to update your plan or have questions, Roth Elder Law is here to help. Call us at 607-962-6162 or complete our intake form, and we’ll schedule a time to discuss your needs. Taking the time now will bring you peace of mind as you move into the new year.