Year-End Estate Planning Checklist: What Families Should Review Before January 1
As the year draws to a close, it’s easy to get wrapped up in holiday plans, travel, and family time. But December is also one of the most important — and most overlooked — opportunities to make sure your estate plan still protects your family the way you intend.
Laws change, financial situations evolve, and family circumstances shift. A quick year-end review can prevent costly mistakes, tax exposure, and future disputes. Below is a practical, lawyer-recommended checklist to ensure your documents and planning stay strong heading into the new year.
1. Review and Update Beneficiary Designations
Beneficiary designations override your will — which means outdated or incorrect designations can send assets to the wrong person.
Check all accounts, including:
Life insurance policies
Retirement accounts (401(k), IRA)
Bank and brokerage accounts
Annuities and pensions
Questions to ask yourself:
Have you had a marriage, divorce, birth, or death in the family this year?
Do your contingent beneficiaries still make sense?
Does your beneficiary plan align with your will or trust?
2. Confirm Your Powers of Attorney Are Current
Financial and medical powers of attorney are essential tools that protect you during incapacity — not after death. But people often forget to update the agents they’ve named.
Review:
Financial Power of Attorney
Medical Power of Attorney or Advance Directive
HIPAA authorizations
If your agents have moved away, fallen out of touch, or are no longer the right fit, year-end is the ideal time to update them.
3. Reevaluate Your Guardianship Choices
If you have minor children, this is critical. Your guardianship nominations in your will should reflect your current preferences and your children’s needs.
Consider:
Has anything changed in the guardian’s life?
Are they still willing, able, and ideal for the role?
Would a backup (successor) guardian be wise?
Life changes quickly — your estate plan should keep up.
4. Ensure Your Trust Is Properly Funded
Creating a trust is only half the job; funding the trust is what ensures your assets avoid probate and transfer smoothly.
Review:
Deeds to real property
Bank accounts
Brokerage accounts
Business interests
Personal property assignments
If an asset isn’t titled correctly or you’re unsure what’s funded, now is the time to confirm. Unfunded trusts are one of the most common — and most avoidable — estate planning failures.
5. Analyze Tax Planning Opportunities Before Year-End
Smart tax planning can save your family significant money long-term.
Consider:
Annual exclusion gifts
Charitable donations
Strategies to reduce taxable estates
Business entity planning if you own a company
Tax laws change frequently, so verifying your strategy annually can prevent surprises.
6. Update Your Will and Trust for Life Changes
Look back over the year:
Did you buy or sell property?
Did your family welcome a new child or grandchild?
Did you start or end a business venture?
Did your financial goals shift?
Any of these events may require updates to your documents to accurately reflect your new circumstances.
7. Organize Your Estate Planning Documents
Your estate plan only works if your executor, trustee, and family know where to find it. Use year-end as a reminder to:
Store documents in a safe, accessible location
Share access instructions with trusted people
Ensure digital accounts, passwords, and financial records are organized
Good organization prevents delays and stress during already difficult times.
Start the New Year Confident: Schedule a Consultation
A quick annual review now can prevent major headaches later. At Atkins Law Offices in Boise, we help families, professionals, and business owners keep their estate, tax, and business planning current and effective.
If you’d like help reviewing your documents — or if you’re starting from scratch — we’re here to guide you through the process with clarity and peace of mind.
Book a consultation with Atkins Law Offices today and start the new year protected.
