Your Year-End Estate Planning Checklist

As 2024 winds down, now is the perfect time to reflect on your wishes and review your estate plan! Here is a quick checklist to help you start the new year with peace of mind.

1. Update Beneficiaries

Double-check who you’ve named as the beneficiary on your life insurance and retirement accounts. Life events like births, marriages, and divorce will impact who you want to receive these assets when you pass away. The money will get paid to whoever you’ve listed as a beneficiary no matter what your will or trust says, so be sure it’s accurate! 

2. Evaluate Power of Attorney and Health Care Directives 

Confirm your designated powers of attorney (for finances and healthcare) still reflect the best person to make these important decisions. Check that the phone number and email address are current. Finally, if your documents are more than three years old, consider updating them to make sure they reflect the latest version available under state law.

3. Consider Tax Implications

Year-end is an ideal time for tax planning, and working with an estate planning attorney can help you make the most of it. One valuable strategy to consider is charitable giving. Not only can charitable contributions reduce your tax burden at death, they allow you to make a meaningful impact on causes that matter to you. An attorney can guide you through different options like setting up a donor-advised fund or creating a charitable trust.

4. Organize and Communicate

Now is the perfect time to ensure all your important documents are organized and easy to find by your loved ones. If you have a will or other estate planning documents, make sure your family knows where they are and how to access them. Consider discussing your plans with trusted family members to ensure everyone is on the same page should the unthinkable happen.

Next Steps

Did you finish the checklist? Congratulations! You’re now ready to step confidently into the new year. For those of you without an estate plan, we can help! Book a Peace of Mind Planning Session. We’ll answer your questions, show you your options, and discuss our fees and process. Book by December 20 and we’ll waive the $275 session fee! Click HERE for the next steps!