As the year draws to a close, many of us reflect on the milestones and changes that shaped our lives over the past 12 months. Holiday plans and resolutions for the new year often take center stage. However, this is also a great time to review your estate plan. 

Estate planning isn’t just a one-time event; it’s a dynamic process that should evolve alongside your life. Whether you’ve experienced major changes this year or simply want to ensure your plans remain up to date, now is the perfect time to revisit your documents and prepare for the year ahead. It is important that it reflects your life now, not years ago.

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Estate planning isn’t just a one-time event;
it’s a dynamic process that should evolve alongside your life.

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Why Year-End is the Perfect Time for Estate Planning

The end of the year provides a natural pause to take stock of your personal, financial, and family circumstances. Here’s why this time of year is ideal for reviewing your estate plan:

1. Life Changes Are Fresh in Your Mind:
   • Marriage, divorce, the birth of a child, or the loss of a loved one are significant events that may require updates to your will, beneficiaries, or guardianship designations.
   • Changes in financial circumstances, such as a new job, a big purchase, or an inheritance, can impact the provisions of your estate plan.
2. Tax Considerations:
   • The new year often brings tax changes, making it a strategic time to ensure your estate plan aligns with current tax laws and maximizes tax efficiency.
3. New Year, Fresh Start:
   • Reviewing your estate plan as part of year-end reflections can help you start January with peace of mind, knowing your affairs are in order.

Common Updates Needed After Life Changes

When life changes, your estate plan should change too. Here are common updates that may be needed:

1. Update Your Beneficiaries:
   • New children or grandchildren might need to be added to your will or trust.
   • Removing an ex-spouse or revising designations after a loss ensures your wishes are clear.
2. Revisiting Guardianship Designations:
   • If your children are minors, ensure the guardians you’ve named in your will are still the best choice.
3. Adjusting for Financial Growth:
   • Substantial changes in income, investments, or property should be incorporated into your estate plan to ensure assets are distributed as intended.
   • Assets left out of a plan might create unintended conflicts.
4. Health Care Directives and Powers of Attorney:
   • Update health care POAs or living wills if your preferences for medical care have changed.
   • End-of-life preferences should reflect your current wishes.
     

Steps to Start the New Year Prepared

Taking these steps now will help you enter the new year with confidence:

1. Review Your Documents Thoroughly:
   • Look for outdated information, like old addresses or deceased beneficiaries.
   • Confirm that executors, trustees, and agents are still the right choices for their roles.
2. Organize Assets and Financial Information:
   • Compile a list of accounts, policies, and other assets to ensure everything is accounted for in your estate plan.
   • Digital accounts should not be overlooked.
     
3. Meet with Your Attorney:
   • A legal professional can help you spot gaps or inconsistencies in your plan, especially after a significant life event.
4. Communicate Your Updates:
   • Share your updated plans with trusted family members or advisors to avoid confusion later.
   • Loved ones should be made aware of updates.
   • Executors or agents should know their roles clearly.
5. Plan for Regular Reviews:
   • Commit to reviewing your estate plan annually or after major life changes to keep it current.

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Amanda Waltz: Your Guide to Estate Planning

As a probate and estate planning attorney, I’ve had the privilege of helping many families in Ohio protect their futures. Life can change quickly. Documents that reflect those changes bring peace of mind. Let me help ensure your plan is ready for the new year.

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Peace of Mind for the Year Ahead

As the calendar turns to a new year, having an updated estate plan ensures that your wishes are clear and your loved ones are protected. Whether you’re fine-tuning an existing plan or creating one for the first time, the process brings clarity and peace of mind.

Let’s make 2025 a year of preparation and confidence. Contact me today to schedule your end-of-year estate planning review.