Estate Planning in the Last Weeks of the Year: Why Now Is the Perfect Time

As the year winds down, many of us turn our focus to celebrations, gatherings, and reflecting on what we’ve accomplished. But this season also provides the perfect opportunity to consider something equally important: estate planning. Taking a little time now to organize your affairs can bring peace of mind and set your loved ones up for a secure future.

Why the Year-End is Ideal for Estate Planning

1. Reflecting on the Year: The end of the year often inspires introspection. Have there been significant life changes in 2024? A marriage, a new child, a major purchase, or even a loss? These milestones are vital to address in your estate plan.
2. Maximizing Tax Benefits: Many estate planning strategies involve minimizing taxes, and the end of the year is crucial for making final adjustments. For example, gifting assets to family members, contributing to charitable organizations, or funding trusts can help reduce estate tax exposure while also achieving personal goals.
3. Setting New Year’s Intentions: A common resolution is to “get organized.” Starting your estate planning now ensures you begin the new year with this critical task already checked off your list.

Key Estate Planning Actions Before Year-End

If you haven’t reviewed your estate plan recently, now is the time. Here’s what to focus on:

• Review Your Will and Trust: Ensure these documents still reflect your wishes. Update beneficiaries, executors, or trustees if necessary.
• Evaluate Your Financial Picture: Take stock of assets like real estate, investments, and retirement accounts. Ensure they align with your overall estate strategy.
• Update Beneficiary Designations: Double-check accounts like life insurance, IRAs, and 401(k)s to confirm the right people are listed.
• Consider Gifting Opportunities: The IRS allows annual gifts up to a certain threshold without incurring gift taxes ($17,000 per individual in 2024). This can be a powerful tool for transferring wealth and reducing estate size.
• Fund or Reassess Your Trusts: If you’ve set up a living trust, make sure all appropriate assets are transferred into it. Leaving assets outside the trust can complicate probate later.

Avoiding Last-Minute Stress

While the final weeks of the year can be busy, estate planning doesn’t have to be overwhelming. Scheduling a consultation with an experienced estate planning attorney can simplify the process and ensure you cover all necessary details. They’ll guide you in structuring your plan to maximize benefits for your heirs, minimize taxes, and achieve peace of mind.

Start the New Year with Confidence

Estate planning isn’t just about preparing for the unexpected—it’s about creating a legacy and ensuring your loved ones are cared for. Taking steps now ensures you enter the new year with this vital task behind you, ready to focus on what matters most.

Let Lawvex Help You Plan

At Lawvex, we specialize in estate planning that’s tailored to your unique needs. Whether you need to update your will, set up a trust, or explore tax-saving strategies, our experienced attorneys are here to guide you every step of the way.

Don’t wait until the clock strikes midnight on December 31—schedule your consultation today and start 2025 with confidence and peace of mind. Contact us today to get started.