Estate Planning Checklist for Year-End Financial Planning

By Jada W.Terreros, Esq.

As we approach the end of the year, now is the ideal time to revisit and update your Estate Planning documents. An annual review ensures that your plans align with your current wishes and financial situation. Here’s a checklist to help you stay on track:

Review Your Will

Ensure that your Will reflects your current intentions, especially if there have been major life changes such as marriage, divorce, or the birth of a child. In Florida, confirm that your personal representative meets state requirements (e.g., must be a Florida resident or a close relative) and that any gifts, property, or specific instructions align with your current wishes.

Update Your Trusts

If you have a Trust in place, verify if any recent legislative changes in Florida affect it and whether its terms still match your goals. Ensure your Trust is fully funded by titling assets in its name. Double-check that your chosen trustees are still your preferred appointees and are prepared to manage the Trust as instructed.

Check Beneficiary Designations

Review designations on accounts like retirement funds, life insurance, and bank accounts. In Florida, these designations override your Will and Trust, so it’s vital they are accurate and up to date. Confirm that both primary and contingent beneficiaries remain appropriate, especially after significant life events.

Evaluate Power of Attorney & Healthcare Directives

Ensure the individuals designated in your Durable Power of Attorney and Healthcare Surrogate Designation are still the best choices to make financial and medical decisions on your behalf. Review these documents to reflect any changes in your healthcare preferences or financial situation.

Review Your Digital Assets

In Florida, state laws now allow you to specify who can access your digital accounts, such as email, social media, and online banking. Create a record of your accounts and passwords and consider designating a digital executor to manage these assets in case of incapacity or death. This step minimizes complications and ensures smooth access to your digital footprint.

Starting these updates in November gives you ample time to work with your Estate Planning Attorney to finalize any changes by year’s end. An annual review not only secures your financial legacy but also provides peace of mind for you and your loved ones.

By making these updates part of your year-end routine, you stay proactive with your Estate Plan and reducing potential stress for your family. With a clear and updated plan, you can enter the new year knowing your wishes are well-documented and your affairs are in order.