End-of-Year Planning: What to Review for Your Estate and Care Documents

As the year ends, it’s the perfect time to take stock of your estate and care documents. Life changes, laws evolve, and priorities shift, making it essential to ensure your plans are still in line with your goals and wishes. End-of-year planning is more than just a financial checkup; it’s an opportunity to secure your legacy and provide peace of mind for the coming year.

Here’s a step-by-step guide to help you review your estate and care documents before the new year.

1. Review Your Will and Trusts

Why It’s Important Your will and any trusts are the backbone of your estate plan. They outline how your assets will be distributed and who will manage your estate after your passing.

What to Check

• Beneficiaries: Are they still accurate? Consider changes due to marriage, divorce, births, or deaths.

• Executor/Trustee: Is the person you’ve chosen still the best fit for the role?

• New Assets: Have you acquired property, investments, or other significant assets that need to be included?
  

Action Step Schedule time with an estate planning attorney to make updates if needed.

2. Confirm Beneficiary Designations

Why It’s Important Beneficiary designations on accounts like life insurance policies, retirement accounts, and payable-on-death accounts override your will.

What to Check

• Are all beneficiaries up to date?

• Have you named contingent beneficiaries as backups?

• Do your designations align with your overall estate plan?

Action Step Contact your financial institutions to update designations if necessary.

3. Check Your Powers of Attorney

Why It’s Important Powers of Attorney (POAs) ensure someone you trust can handle your finances and healthcare decisions if you’re incapacitated.

What to Check

• Durable Power of Attorney (Financial): Is your agent still the right person to manage your finances?

• Healthcare Power of Attorney: Does your agent understand your healthcare preferences?

• Are alternate agents listed in case your primary choice is unavailable?

Action Step Discuss your wishes with your agents and confirm they’re still willing to take on the role.

4. Update Your Living Will and Advance Directives

Why It’s Important These documents outline your preferences for medical treatment, particularly in end-of-life situations.

What to Check

• Are your wishes clearly stated?

• Have there been changes in your health or values that require updates?

• Does your healthcare provider have the latest version?

Action Step Provide copies of your updated living will to your healthcare providers and healthcare agent.

5. Assess Your Long-Term Care Plan

Why It’s Important Planning for long-term care ensures you’ll receive the support you need while protecting your assets.

What to Check

• Do you have a plan for paying for long-term care (e.g., savings, insurance, Medicaid)?

• Are your care preferences documented, including whether you’d prefer home care or a facility?

• Are your financial and legal strategies, like Medicaid planning or trusts, still effective?

Action Step Consult an elder law attorney to review and adjust your long-term care plan as needed.

6. Organize Your Documents

Why It’s Important Having all your documents in one place ensures your loved ones can access them easily in an emergency.

What to Check

• Are your documents stored securely but accessible to trusted individuals?

• Do your agents, executor, or family members know where to find them?

• Are digital assets (passwords, accounts) included in your plan?

Action Step Create a checklist of important documents and their locations.

7. Revisit Your Family Conversations

Why It’s Important Clear communication prevents misunderstandings and ensures everyone is on the same page.

What to Check

• Have you shared updates to your plan with key family members?

• Does your family understand your wishes for healthcare, finances, and asset distribution?

• Are there unresolved conflicts or concerns that need addressing?

Action Step Schedule a family meeting to discuss your plan and answer any questions.

End-of-year planning is about more than tying up loose ends, it’s about ensuring your family is protected and your wishes are honored. By taking the time to review your estate and care documents now, you can head into the new year with confidence and peace of mind.

Need help getting started? An estate planning or elder law attorney can guide you through the process, ensuring your plan is up-to-date and ready for whatever the future holds. Don’t wait, secure your family’s future today!