As the year comes to a close, many Texans take time to reflect on their achievements and set goals for the future. It is also the perfect time to revisit an essential, but often overlooked, area of life: your estate plan. Ensuring that your estate plan is up to date and reflective of your current goals and circumstances is a key step in protecting your legacy and providing peace of mind for your loved ones.
Whether you have recently created an estate plan or it has been a few years since you last reviewed it, the end of the year is an ideal moment to ensure everything is in order. Changes in your personal life, finances, or even Texas laws can impact your plan. We encourage you to use this checklist to guide your review and ensure your estate plan is prepared for the year ahead.
1. Review your last will and testament or trust agreement. You may want to verify that your last will and testament or trust agreement accurately reflects your current wishes. This includes confirming beneficiaries, guardians for minor children, and how your assets will be distributed. If anything has changed, such as the birth of a child, marriage, divorce, or the loss of a loved one, updates may be necessary.
2. Update your powers of attorney. Ensure that your financial and medical powers of attorney are still appropriate. If the individuals named are no longer able or willing to serve, consider appointing new agents who can act in your best interests.
3. Check beneficiary designations. Review beneficiary designations on retirement accounts, life insurance policies, and payable-on-death accounts. These designations override your will, so it is crucial that they align with your estate plan.
4. Evaluate your long-term care plans. If you have developed a plan for long-term care, such as purchasing long-term care insurance or setting up a financial strategy to cover future needs, review it to ensure it still meets your goals and circumstances. If you have not, this may be the right time to meet with your experienced Texas elder law attorney.
5. Address tax considerations. With the end of the tax year approaching, it is a good time to evaluate how your estate plan aligns with federal and state tax laws. Texas does not have a state estate tax, but federal laws may impact your estate, especially if you have a high net worth.
6. Organize your digital estate. From online banking to social media accounts, your digital presence is an important part of your estate. Ensure you have created a digital estate plan, including a list of accounts, passwords, and instructions for accessing these assets.
7. Confirm document accessibility. Make sure your estate planning documents are stored securely but are easily accessible to your family or designated representatives. Consider sharing their location with trusted loved ones or your attorney.
8. Schedule your consultation with your Texas estate planning attorney. A yearly check-in with your attorney can help you address any changes in laws or personal circumstances that might affect your estate plan. They can provide guidance on updates and ensure your plan remains legally sound.
End-of-year reviews are not just about catching up on paperwork, they are about ensuring your loved ones are cared for and your wishes are honored. By taking the time now to review and update your estate plan, you are setting the stage for a secure and worry-free future. For Texans balancing busy schedules, a fully virtual estate planning attorney offers the flexibility to address these important matters from the comfort of your home.
Whether you are updating an existing plan or starting fresh, we are here to guide you through every step. We are prepared to help you navigate these complex issues with empathy and expertise. We know that effective communication with your virtual attorney is key to a successful legal experience. By following these tips, you can ensure clear, efficient, and secure interactions, making the process smoother and more productive for both you and your attorney. We aim to help you feel secure about these things with good estate and long-term care planning. Get in touch with us to chat more about this!
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