Year-End Estate Planning Checklist

With a new year just around the corner, now is the time to get your estate plan and finances ready for the new year!

Wondering where to start? Follow our simple Year-End Estate Planning Checklist to feel 100% ready for anything the coming year may bring.

End-of-the-Year Estate Planning Checklist

Has it been more than 5 years since you created or updated your estate plan? 

• Contact our office to schedule a trust review appointment

Has it been 3 years or more since you updated your schedule of assets (Schedule “A”)? 

• Click here to download a schedule “A” template
• Fill out an updated schedule “A” and email a copy to our office (info@dhtrustlaw.com)

Review the following estate plan documents to ensure they reflect your wishes. If you wish to make changes, contact our office to discuss these changes:

• Revocable Living Trust (especially your trustees, beneficiaries, and guardianship for minor children)
• Financial Power of Attorney
• Advance Healthcare Directive

Do you wish to make monetary gifts this year? The annual gifting limit this year is $16,000 per recipient. Be sure to make these gifts before Dec. 31:

• Educational and medical exclusion gifts
• Charitable gifts
• Funding 529 Plans
• Funding Irrevocable Trusts

In 2022, an individual can gift a maximum of $12.06 million over their lifetime. Think you may exceed this amount?

• Contact our office to determine a strategy to minimize the gift tax ramifications

Retirement & HSA Plans

• Confirm employer-sponsored benefits
• Fully fund 401K, 403B, or other employer-sponsored retirement plans before Dec. 31
• Fund non-employer retirement plans (like traditional and Roth IRAs) before Dec. 31
• Fund HSAs (health savings accounts) before Dec. 31
• If you’re over the age of 72 (or 70½ before Jan. 1 of next year), check that required minimum distributions from pre-tax retirement plans have been taken

Review life insurance policies:

• Ensure beneficiary designations reflect your wishes
• Make sure you have obtained sufficient death benefits

Review your beneficiary designations for the following types of accounts to ensure they reflect your wishes:

• Employer-sponsored benefits
• Annuities
• Bank and brokerage accounts (if P.O.D – payable on death)

Review jointly owned property documents to ensure they are titled in your trust and/or reflect your wishes:

• Deeds to real property
• Titles to all accounts

Planning to marry next year? 

• Contact our firm to create a pre-nuptial agreement AND update your estate plan to reflect this change.

Recently married? 

• Contact our firm to create a post-nuptial agreement AND update your estate plan to reflect this change.

We hope this checklist helps you find peace of mind. If you have any questions about year-end estate planning, please contact our office or another experienced estate planning attorney.

Law Offices of Daniel A. Hunt

The Law Offices of Daniel A. Hunt is a California law firm specializing in Estate Planning; Trust Administration & Litigation; Probate; and Conservatorships. We've helped over 10,000 clients find peace of mind. We serve clients throughout the greater Sacramento region and the state of California.