100 Days Left in the Year - Estate Planning To-Dos
As the year winds down, it is easy to become absorbed in holiday planning, financial checklists, and goal setting. But one task that often gets overlooked is reviewing your estate plan. With fewer than 100 days remaining in the year, this brief window provides an ideal moment to ensure your documents still reflect your current wishes, family dynamics, and financial situation.
An estate plan should never be treated as a one-and-done project. Over twelve months, priorities shift and life events occur that can influence how your plan operates. Relationships evolve, assets change, and new financial considerations may arise. Taking time to evaluate your documents before the new year begins helps ensure your plans continue to align with what matters most.
Look Over Your Will and Trust Documents
Your will and trust form the core of your estate plan, outlining how your property will be handled and naming the individuals responsible for administering your wishes. Even if these documents are already in place, periodic review is essential.
Major life events—such as marriage, divorce, the addition of a child or grandchild, or the loss of a loved one—may call for changes. Financial adjustments or shifts in long-term goals can also impact these documents. Reviewing your will and trust each year is a practical way to confirm they continue to match your current circumstances.
Check All Beneficiary Designations
Many assets transfer directly through beneficiary designations, bypassing the instructions in your will. Retirement accounts, life insurance policies, and certain financial accounts typically rely on these forms to determine who receives the assets.
Because of this, verifying that your listed beneficiaries are accurate is extremely important. Outdated designations can lead to unintended consequences. A year-end review provides an opportunity to confirm that these details reflect your present intentions.
Reevaluate Health Care and Incapacity Documents
Estate planning encompasses more than the distribution of property. It also includes preparing for situations where you may not be able to make financial or medical decisions for yourself.
Documents such as a health care proxy, living will, and financial power of attorney appoint trusted individuals to act on your behalf. Over time, relationships and personal circumstances may change, making it useful to reassess whether the people named still represent your preferences. Reviewing these documents ensures your choices remain clear and up to date.
Review Trust Funding and Asset Titles
Creating a trust alone is not enough—assets intended to be managed by the trust must be properly titled or transferred into it. If newly acquired property or financial accounts have not been addressed, the trust may not function as expected.
A year-end review is an excellent moment to evaluate whether all relevant assets are correctly titled. Taking this step helps maintain the effectiveness of your estate plan and ensures that the trust serves its intended purpose.
Account for Recent Family or Financial Changes
Life changes often influence estate planning decisions. Births, adoptions, marriages, divorces, inheritances, business developments, or the passing of a family member may all warrant updates to your existing documents.
When these events occur, reviewing your plan helps ensure it still captures your intentions. Addressing these changes proactively can prevent confusion or complications later on.
Assess Insurance Coverage and Long-Term Planning Needs
Insurance plays a significant role in many estate plans, especially when it comes to protecting dependents and preserving financial stability. As the year ends, consider whether your life insurance aligns with your current goals and family needs.
You may also want to revisit homeowners insurance or other policies that support your financial well‑being. By reviewing these coverages, you can identify areas where updates may be needed. Future care planning is equally important, and taking time to reflect on long-term needs can help you maintain a well-rounded strategy.
Talk with Family Members About Your Plans
One of the most meaningful steps in the estate planning process has nothing to do with paperwork. Conversations with loved ones can help eliminate confusion and reduce the likelihood of misunderstandings later.
Although these discussions may feel uncomfortable, sharing your intentions and explaining key decisions often brings clarity. Open communication can make future transitions smoother for those you care about.
The Importance of Reviewing Your Estate Plan Before the New Year
An estate plan serves to safeguard your wishes, support your loved ones, and provide peace of mind. However, even the most thorough plan can become outdated if not reviewed regularly. As the year draws to a close, taking a fresh look at your will, trust, beneficiary information, health care directives, asset ownership, insurance coverage, and long-term needs can help keep everything aligned with your goals.
If you are considering revisiting your estate planning documents or feel it may be time to make adjustments, seeking guidance can be incredibly helpful. Updating your plan ensures you continue to protect the people and priorities that matter most as you head into the new year.