When Ellen brought her estate plan into our office last December, she admitted it had been collecting dust for years. “I don’t even know what’s in here,” she said, flipping through the yellowed pages. Ellen had recently become a grandmother, and the joy of welcoming her first grandchild had sparked a realization: her estate plan no longer reflected her family’s current needs.
Together, we worked through her documents and identified the areas that needed updating. Her healthcare directives listed a former spouse as her decision-maker, her will didn’t mention her grandchild, and the trust she’d set up for her children no longer aligned with her goals. By the time we finished, Ellen had a plan that accounted for her grandchild’s future, protected her children, and ensured her healthcare decisions would be handled by the right person.
The end of the year is the perfect time to take stock of your estate plan. Life doesn’t stand still—families grow, relationships change, and priorities shift. An estate plan that worked five or ten years ago might not make sense today.
Here’s how you can prepare your estate plan for the new year:
- Review Key Documents: Dust off your will, trust, powers of attorney, and healthcare directives. Do they reflect your current wishes? Have you named the right people to make decisions for you?
- Check Beneficiary Designations: These can be easy to overlook, but they’re critical. Make sure the beneficiaries listed on your retirement accounts, life insurance policies, and other assets are up to date.
- Evaluate Tax Strategies: The end of the year is a great time to think about reducing your taxable estate. Consider whether charitable giving or annual gifts to family members could help achieve your goals.
- Commit to Regular Updates: An estate plan is a living document. Make a habit of reviewing it annually or after major life events to ensure it stays relevant.
Ellen left our office with more than an updated plan—she left with confidence. She knew her family was protected, her wishes were clear, and her priorities were reflected in every detail.
If it’s been a while since you’ve reviewed your estate plan, don’t let another year go by. Taking the time to update it now can give you and your family the gift of security for the year ahead.