End of the Year Estate Planning Checklist
As your life changes, so should your estate plan. It can be easy to forget about or put off reviewing your estate plan, so use this end of the year Estate Planning Checklist make sure everything is up to date and still meets your needs.
Review your will or trust.
Who receives your assets?
Who manages your estate (personal representative or successor trustee)? '
Does this still reflect your wishes?
If you have minor children, is the person you have chosen to serve as guardian still the best person for the job?
Review beneficiary designations on financial accounts, retirement accounts, and life insurance policies.
Does this reflect your wishes?
Do you need to name beneficiaries on any account?
Review your power of attorney and advance directive.
Is the person you have chosen to make financial or health decisions for you still the best person for the job?
Think about your assets.
Have you purchased a new home, received an inheritance, started a business, or something else? Have these assets been transferred into your trust or otherwise reflected in your estate plan?
Review financial gifts.
Have you made any substantial gifts to loved ones, or are you using gifting as part of a tax strategy?
Think about significant events: births, marriage, divorce, death.
Does this event change your estate plan?
Talk with your loved ones about your estate plan if you are comfortable doing so.
Sharing information, even if it is general information, can help get everyone on the same page to avoid misunderstandings and conflict later.
Remember that this checklist is meant to be for general informational purposes. It is not legal advice and does not create a lawyer-client relationship. Talk to your individual lawyer about your specific situation.
Schedule a free consultation with Pawlick Law, LLC if you need to update your estate plan or have any questions.