The end of the year is a natural time to take stock — of your finances, your goals, and the protections you have in place for your family. If it’s been a year or more since you’ve reviewed your estate plan, December is the ideal time to act.
1. Review Your Will
Major life changes — marriage, divorce, the birth of a child or grandchild, a significant change in assets, or the death of a named beneficiary or executor — should trigger a will review. Has anything changed this year?
2. Update Beneficiary Designations
Beneficiary designations on life insurance policies, retirement accounts, and payable-on-death accounts override your will. If your designations are outdated — naming an ex-spouse, a deceased parent, or simply not reflecting your current wishes — update them now.
3. Review Your Power of Attorney
A Durable Power of Attorney names someone to manage your financial affairs if you become incapacitated. If yours is more than five years old, financial institutions may refuse to honor it. Consider having it updated.
4. Review Your Healthcare Proxy and Advance Directive
Review both to ensure they reflect your current wishes and that your designated agent is still the right person for the role.
5. Consider Annual Gifting
In 2025, the federal annual gift tax exclusion allows you to give up to $18,000 per recipient without gift tax implications. Gifts must be completed by December 31 to count for the current tax year.
6. Schedule a Comprehensive Estate Plan Review
If it’s been more than three to five years since you’ve sat down with an estate planning attorney, schedule a comprehensive review. Tax laws change, family situations evolve, and plans that were appropriate five years ago may not serve you as well today.
Start the new year with your family protected. Contact Bruno Law Group for your year-end estate planning review.
Call: (201) 720-9972 | Email: info@brunolawgroup.com | Visit: brunolawgroup.com
