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How to Conduct a Year End Estate Plan Review

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With the year coming to an end, it won’t be long before the calendar turns and you set your sights on the new year.

While you have a lot to do as the year winds down, it’s critical to review your estate plan.

There is no right or wrong way to review your estate plan, but there are some steps you definitely need to take to ensure that everything is in good working order once the new year arrives.

Here are some details that deserve your attention:

  • Will or trust? For example, even if you have a will in place, you may come to realize that a trust will provide you with a more comprehensive approach to estate planning, thus giving you peace of mind. Consider if now’s the right time to add a trust to your estate plan.
  • Beneficiaries: There’s a good chance you can keep the same beneficiaries from year to year, but don’t take this for granted. Review your beneficiary designations to ensure that it still makes sense for you in the coming year.
  • Guardian for minor children: If you have children under the age of 18, you’re likely to have concerns about what would happen to them should you and your spouse pass on. The best way to ease your mind is to name a guardian who would care for them until they reach legal age.
  • Retirement planning: Remember, estate planning and retirement planning go together hand in hand. Make sure you have a system in place for saving money for retirement, all with the idea of reaching your goals on time (or maybe even early).
  • Incapacity planning: You hope that you don’t become incapacitated at any point in the new year, but there’s no way of knowing what could happen. Planning for this doesn’t mean you’ll need it, but it will put your mind at ease.

These are just a few of the many details to consider when conducting a year end estate plan review.

If you need assistance with the process, don’t hesitate to reach out to us. We can answer your questions, provide feedback, and help ensure that your estate plan is everything you want it to be.

Roger Levine, Estate Planning Attorney
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