As we head into the holidays and the year winds down, it’s the perfect time to review and update your estate plan. Life changes, financial shifts, and evolving laws can all impact your plan’s effectiveness. A year-end review ensures your wishes are clearly documented and your loved ones are protected heading into the new year.

Here’s a practical checklist to guide your estate planning review before the end of the year:

Review Your Core Estate Planning Documents

Make sure your foundational documents are current and reflect your wishes:

• Will: Are your beneficiaries and executor still appropriate?
• Trusts: Do your trust terms still align with your goals?
• Powers of Attorney: Are your financial and healthcare agents still the right choices?

Check Trust Funding

A trust only works if it’s properly funded. Confirm:

• Real estate, bank accounts, and investment accounts are titled in the name of your trust.
• Business interests and other assets are either assigned to the trust or have transfer instructions in place.

Unfunded trusts can lead to probate — the very thing most people are trying to avoid. For more information, read this article on our website: Funding Your Trust: The Step Most People Forget in Estate Planning.

Update Beneficiary Designations

Beneficiary forms on retirement accounts, life insurance, and bank accounts often override your will or trust. Review:

• 401(k), IRA, and pension plans
• Life insurance policies
• Payable-on-death (POD) and transfer-on-death (TOD) accounts

Make sure the beneficiary designations on these assets coordinate properly with your estate plan and don’t unintentionally bypass your trust. Make sure that your trust is either the primary or the contingent beneficiary (consult with your attorney for specific instructions on beneficiary designations for these types of assets).

Consider Tax Planning Opportunities

Year-end is a strategic time to:

• Make charitable donations for potential tax deductions.
• Use your annual gift tax exclusion (up to $17,000 per recipient in 2025).
• Review capital gains and losses for tax efficiency.

Consult your CPA or financial advisor to coordinate estate and tax planning.

Reflect on Major Life Changes

Update your plan if you’ve experienced:

• Marriage, divorce, or remarriage
• Birth or adoption of children or grandchildren
• Death of a beneficiary or fiduciary
• Significant changes in assets or income

These events can dramatically affect your estate plan’s structure and effectiveness. Check out this article for more information: When Should You Update Your Estate Plan?

Final Thoughts

Estate planning isn’t a one-and-done task. It’s a living process that should evolve with your life. Taking time now to review and update your plan can prevent confusion, conflict, and costly mistakes later.

If you’re unsure where to start, Legacy Law Group is here to help. Schedule a year-end review and start 2026 with confidence. Use this link to request an appointment with one of our attorneys.