As the year comes to a close, now is the perfect time to review and update your estate plan. Proper planning ensures your assets are protected, your wishes are honored, and your loved ones are cared for. At Taylor, Minnette, Schneider & Clutter, we help clients navigate estate planning strategies and prepare for the future with confidence.
1. Review and Update Your Will
Life changes such as marriage, divorce, the birth of a child, or significant financial changes may necessitate updates to your will. Ensuring your will accurately reflects your current wishes is essential for avoiding confusion or disputes after your passing.
2. Check Beneficiary Designations
Retirement accounts, life insurance policies, and payable-on-death accounts rely on beneficiary designations. These designations override instructions in a will, so it’s important to confirm that they are current and reflect your intended recipients.
3. Evaluate Trusts and Other Planning Tools
If you have a trust, review its terms to ensure it continues to meet your goals. Consider whether new assets need to be added, or whether changes in tax laws or family circumstances require adjustments. Trusts can help minimize estate taxes, protect assets, and streamline distribution to heirs.
4. Consider Powers of Attorney and Healthcare Directives
Life can be unpredictable. Confirm that your powers of attorney and healthcare directives are up to date and that trusted individuals are named to make financial or medical decisions if you are unable.
5. Plan for Charitable Giving or Tax Strategies
Year-end is an ideal time to review charitable contributions, gifting strategies, or tax planning measures that may benefit your estate and loved ones. Proper planning can maximize your impact and minimize tax liabilities. Year-end planning is not just about finances; it’s about peace of mind. By taking these steps before 2026, you can ensure your estate plan reflects your current goals and protects your family. Don’t leave your estate plan to chance. Contact our attorneys today to review or update your estate plan and ensure your wishes are honored.