The Importance of Updating Your Estate Plan Before Year-End

November 15, 2024

As the year winds down, it’s natural to reflect on what’s changed in your life. But while juggling holiday plans and family gatherings, many people miss a crucial item on their year-end checklist—reviewing their estate plan.
At the Law Office of Andrew Rowe, P.A., we’re here to help ensure your estate plan is up-to-date, so it fully protects your loved ones and aligns with your current wishes.

An annual review of your estate plan can help you catch any updates needed to keep your wishes in line with recent life events and legal changes. Here are a few key reasons why now is a good time to do this:

  • Life Changes: Events like a marriage, divorce, birth, or even a big move may require a shift in how your assets are handled. If you’ve purchased property outside of Kansas or had other significant changes, updating your estate plan can help ensure all your assets are covered correctly.
  • Tax Considerations: Estate tax exemptions and gift-giving limits are another factor. Right now, the federal estate tax exemption sits at $13.61 million, and you can give up to $17,000 per person each year without tax implications. Reviewing your plan before year-end ensures you’re set up to make the most of these tax benefits.
  • Peace of Mind: Simply knowing that your plan is up-to-date can provide peace of mind, letting you focus on enjoying the holiday season, knowing your loved ones are protected.

Essential Parts of Your Estate Plan to Check

While you may have an estate plan in place, taking a fresh look at these critical elements can help keep it accurate and effective:

  • Will: Double-check your beneficiary designations and any instructions, ensuring they reflect your current wishes and relationships.
  • Trusts: If you have a trust, consider whether it still fits your needs. Trusts can protect assets, help with tax planning, and make the process smoother for your heirs by potentially avoiding probate.
  • Power of Attorney: It’s wise to confirm your designated powers of attorney for financial and healthcare matters. Life changes can sometimes mean these roles need updating.
  • Healthcare Directives: Make sure your healthcare directives align with your present wishes, including instructions for any specific care decisions.

Get Started on Your Year-End Estate Plan Review

Don’t let the year slip by without ensuring your estate plan is in order. Call us today at 316-202-0131. We’re here to help you make any adjustments needed for a smooth, secure future for you and your family.