🎯 End-of-Year Financial Checklist: Estate Planning Steps to Complete Before December 31st

As the year winds down and holiday plans take center stage, it’s easy to put financial and legal matters on the back burner. But before the ball drops on December 31st, it’s worth taking a few hours to review your estate plan and ensure that your documents — and your legacy — are up to date.

At The Warnock Law Group, we see the end of the year as the perfect opportunity to pause, reflect, and make sure your plan still protects what matters most.

1️⃣ Review and Update Your Estate Planning Documents

Life doesn’t stand still — and neither should your estate plan. Ask yourself:

• Have you purchased or sold property this year?

• Have there been any births, deaths, marriages, or divorces in your family?

• Have you changed your financial institutions or beneficiaries?

If the answer to any of these questions is yes, it’s time to review your will, trust, and powers of attorney. Even small updates — like a change in address or successor trustee — can make a big difference in keeping your plan current and legally sound.

2️⃣ Fund or Re-Fund Your Trust

One of the most common oversights we see is failing to properly fund a trust.If you created a revocable living trust, assets must be titled in the name of that trust to avoid probate. That includes real estate, investment accounts, and even certain business interests.

Before year-end:

• Double-check that new accounts or recently acquired property are titled correctly.

• Update beneficiary designations on life insurance and retirement accounts.

• Ensure any jointly owned assets align with your estate planning goals.

Completing these steps before December 31st helps you start the new year with confidence and clarity.

3️⃣ Consider Year-End Charitable Giving

If charitable giving is part of your legacy, the holiday season is the perfect time to act.Many families use the final weeks of the year to make donations or gifts that can also have tax benefits when done properly.

Consider:

• Making gifts up to the annual exclusion limit ($18,000 per person in 2024).

• Donating appreciated securities instead of cash to reduce capital gains.

• Creating or contributing to a charitable trust or donor-advised fund for long-term giving strategies.

A well-planned charitable gift can support causes you care about while also helping you and your loved ones save on taxes.

4️⃣ Evaluate Tax Implications and Deductions

The end of the year is also a prime time to coordinate with your financial advisor, CPA, or attorney to evaluate how recent changes in your assets or income might impact your estate plan.Together, you can discuss:

• Whether estate or gift tax thresholds affect your current plan.

• How capital gains on sold assets may influence trust distributions.

• Whether you should convert traditional IRAs to Roth IRAs for future tax benefits.

An integrated review ensures your estate plan aligns with your tax strategy — not against it.

5️⃣ Check Your Health Care and Emergency Documents

If you or your loved ones experienced health changes this year, take a few moments to confirm that your health care surrogate designations and living wills reflect your current wishes.These documents protect you during unexpected medical situations and ensure trusted individuals can step in if needed.

🌟 Start the New Year with Peace of Mind

Updating your estate plan before December 31st is one of the most meaningful gifts you can give yourself — and your family. It provides clarity, avoids confusion, and ensures your intentions are honored.

If it’s been more than a year since you last reviewed your plan, or if you’ve experienced major life changes, our team at The Warnock Law Group can help you navigate every step with confidence and care.

📞 Call (239) 437-1197 or visit www.warnocklawgroup.com to schedule your FREE

end-of-year estate planning review today.