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Estate Planning To-Do List


Now is also the time to give some thought to the year ahead, which should include reviewing your estate planning documents. We have collected the following tips for you to act on now, so you will be ready and prepared for whatever the new year holds for you and those you love.

Estate Planning Tasks to Do Now

If you currently do not have estate planning documents in place, put this at the top of your New Year’s resolution list. Documents such as a will, advance directives, and power of attorney help save time, money, and ensure your wishes are followed and your family is provided for, come what may. Establishing a trust can also be a smart idea, allowing you to better manage money and assets while planning for your future.

If you do have estate planning documents you have created with your attorney, now is the time to ensure they are accurate and updated. The Balance recommends the following tasks, which can help you be ready for the year ahead:

  • Update your will: Each year likely brings changes in your family, such as births, marriages, and divorces. Make sure your will accurately reflects these changes, and update your inventory of assets and property to ensure any newly earned or acquired items are included.
  • Update your power of attorney: Your power of attorney grants authority to someone you trust to manage your financial affairs in the event you are unable to do so yourself. Review these documents to make sure any instructions you have included are updated, and make sure you are still comfortable with the person you have chosen for this role. If you have not already done so, consider naming an alternate, just in case the first person you select is unable to fulfill their duties.
  • Update your digital assets: In our technological age, many of us have numerous accounts online of which our family and friends may or may not be aware. Make sure your estate plan includes all of your digital assets, such as social media, online sales and marketing, banking and investment accounts, digital currency, and websites you own.

In addition to the above, you also want to take advantage of year-end tax credits, by making last-minute charitable contributions and using up money in your health savings accounts, CNBC advises that with anticipated tax reform you may also want to consider boosting retirement contributions, selling off poorly performing stocks to offset gains, and deferring income to take advantage of potentially lower rates.

Let Us Help You Today

At the Protect My Assets Law Group, we provide the professional legal guidance you need in making sure the future interests of both you and your loved ones are provided for. Call or contact our Boca Raton estate planning attorneys online today and request a consultation to see how we can assist you.