2022 Year End Estate Planning Checklist

An estate plan is a set of legal documents that spell out your healthcare decisions and how you want your assets managed and your estate to be handled if you become seriously ill or die.

Your estate plan should be reviewed and updated at least every three years, or whenever there is a life-changing event like moving to a new state, a wedding, death, birth, or a major change in your health or finances. 

Year End Estate Planning Checklist

Our 2022 estate planning year-end checklist has 7 key considerations for an annual review of your estate plan.

1. Update Your Last Will and Testament

Having a will ensures those you care about are taken care of once you're gone. Make sure your list of beneficiaries (family members, friends, non-profits) to whom you want to leave certain assets and property after you die is updated. 

You’ll also want to double-check your assets list reflects your current reality. These include physical assets, like real estate and possessions, as well as intangible assets, such as bank and investment options.

2. Consider a Revocable Living Trust

If you wish to save your loved ones the time and expense of probate court then we recommend setting up a revocable living trust. This provides your heirs with a quick and private distribution of your assets after you pass away and is also used to safeguard financial privacy and manage assets if you become incapacitated. 

When it comes to distributing assets such as stocks, large sums of money, real estate, etc., it is usually a good idea to consult an experienced attorney. They’ll help protect your wealth from future creditors and minimize your estate tax burden if needed.

3. Create an Advance Healthcare Directive (AHCD) 

Have you considered your wishes regarding end-of-life care? An advanced directive, also known as a living will, clarifies what types of life-prolonging medical treatment you wish to receive if you are unable to communicate your wishes.

These include preferences related to breathing assistance, supplemental feeding, medications and treatment and palliative care. It is also wise to have a healthcare power of attorney whereby you appoint someone as your healthcare agent to make medical decisions on your behalf. 

While no one likes to dwell on death or illness, these documents make it easier for your loved ones to carry out your final wishes without guilt or doubt. 

4. Opt for a Financial Power of Attorney (POA)

By having a power of attorney, you can select who will act on your behalf if you can’t handle your affairs, such as managing your finances and property. Unfortunately, if you don't have a POA, the courts decide.

Your financial agent can also use your assets to cover your medical bills and support your family. Together, your healthcare agent and financial agent will make sure you can afford the medical care you need.

5. Get Your Digital Assets in Order

In an age where we all have online footprints, it's a good idea to sit down and make a list of all your digital logins and passwords. Consider using a password manager or digital vault to manage your passwords. These programs keep track of your login information for all your online accounts. 

We also recommend naming a digital executor in your will. This person is responsible for distributing your digital assets and managing or closing accounts after you pass away. Make sure your executor knows where to find your list of digital accounts and their corresponding passwords.

6. Write a Letter of Instruction

Unlike many items on this estate planning checklist, funeral instructions aren’t legal documents — there’s no legal form you need to fill out or have notarized. However, you can make your family’s life easier by providing them with a letter of instruction, which leaves personal instructions for funeral care and preferences among other things. 

It could, for example, indicate who should receive sentimental items that aren't necessarily valuable. You can also use it to lay out a complete picture of your assets and list where important documents (such as your birth certificate) are located.

7. Hire an Estate Planning Attorney 

We don't advise doing estate planning yourself despite the availability of online tools. Laws relating to trusts and estates are complex and constantly evolving. Additionally, an outdated estate plan can be harmful to your beneficiaries.

The assistance of an estate planning attorney ensures your wishes are legally binding and carried out. Having a professional manage your estate protects the value of your assets, prevents lawsuits, and provides you with peace of mind, knowing your affairs are in order.

We Are Here To Help 

If you need assistance creating or revising your estate planning documents, Jammie Taire and the  Smith Taire Legal team can help. We educate our clients on their estate planning options and make sure their final wishes are legally binding. Call us at 678-253-8133 if you have questions about your estate planning or wish to meet with an experienced Georgia estate planning attorney.