As the year winds down here in Western North Carolina, it’s a good time to make sure your estate plan is ready for the year ahead. A quick year-end review can catch changes you made during the year — or things you’ve been meaning to update but haven’t gotten to yet.
7 Steps for a Year-End Estate Plan Review
- Review Beneficiaries – On all retirement accounts, life insurance, and HSAs
- Why: Beneficiary designations override your will or trust. If they’re outdated, assets could go to the wrong person.
- How: Pull your most recent account statements and check the beneficiary listed. Update directly with your bank, insurer, or HR department if needed.
- Check Decision-Makers – Executors, trustees, and powers of attorney
- Why: Life changes can affect someone’s ability or willingness to serve. Outdated choices may delay or complicate your plan.
- How: Look over your current documents and make sure your chosen people are still the best fit. If not, update your documents with your attorney.
- Update Asset List – Add any new accounts, property, or major purchases
- Why: Assets not listed in your plan may be harder to transfer or could end up in probate.
- How: Keep a running list of accounts and property in your Essential Practical Roadmap or other secure document. Add anything you acquired this year.
- Confirm Document Storage – Make sure originals are safe and accessible
- Why: Without access to originals, your plan can’t be carried out. Lost documents may require extra legal steps.
- How: Store originals in a fireproof safe or with your attorney. Tell your decision-makers where they are and how to access them.
- Finish Your Essential Practical Roadmap – Or review it for accuracy
- Why: Legal documents outline your wishes, but your Roadmap explains the practical “how-to” for your loved ones.
- How: If you haven’t completed it, set aside time to fill it in. If you have, read through it and update anything that’s changed.
- Communicate Changes – Let your decision-makers know about updates
- Why: Surprises cause stress. Letting people know now helps them feel prepared and confident.
- How: Schedule a short call or meeting with your executor, trustee, and powers of attorney to walk through key updates.
- Book Your Next Review – Put a reminder in your calendar for 1–2 years out
- Why: Estate planning isn’t one-and-done. Regular reviews keep everything current as your life changes.
- How: Mark your calendar or set a recurring reminder to check in with your attorney.
Why Do This in December?
- You’ll start the new year with peace of mind.
- It’s easier to remember what happened during the year before it slips away.
- You can tie this into other year-end financial and tax planning.
If you’ve had big life changes this year, don’t wait until January — make updates now so you start the year fully prepared. The best gift you can give your family is a plan that’s ready. This December, take a few minutes to make sure yours truly reflects your life today.
