The new year and new decade are quickly approaching. As we all prepare for the holidays and a new year, wrapping up any loose ends with your estate plan should remain a priority. Before entering into the new year, here are some task to consider checking off of your end-of-year checklist:
Make Sure Your Estate Planning is Up To Date
Review your estate plan. Have there been significant changes in your life? If so, addressing those changes in your estate plan is prudent. Each year, changes in the state and federal law, lifestyle changes, births and deaths in the family, and location and job changes can all impact your estate plan.
Additionally, consider reviewing the individuals you have appointed to serve as your fiduciaries (successor Trustee, Executor, Agent under a Durable Power of Attorney, Agent under a Medical Power of Attorney, Trust Protector, etc.) are these individuals still able to act on your behalf if the need arises?
Check Your Beneficiary Designations
Another area of estate planning that needs revisiting at the end of the year are your beneficiary designations on any life insurance policies, annuities, and retirement accounts (IRAs, Roth IRAs, 401(k) plans, etc.). If you have previously completed the forms for any of these assets, you may review them to ensure the beneficiary named is still the person(s) you want receiving the assets.
Review Car and Homeowners Insurance Policies
Everyone likes to save money and an easy way to do so is to call you insurance agent. Analyze the coverage you currently have for your home and car to see if you are properly covered and to see if there are any additional savings available to you. Sometimes, you can save money by having more than one policy through an insurer.
Review Your Paycheck Withholdings
When it comes to your 401(k), IRA, and Health Savings Account, the federal government allows you to contribute a maximum amount per year pre-tax. As we approach the end of the year, it is a good idea to review how much you have contributed and see if you are able to give more. Because this is done pre-tax, it is a nice way to future needs.
Of course, this isn’t an exhaustive list of tasks you may consider completing as the end of the year nears, but it is a starting point. If you have any estate planning questions, Weldy Law, PLLC is here to help, contact our offices to schedule a consultation.
The above blog is for informational purposes only and is not legal advice nor does any information or communication with this website create an attorney-client relationship.