A Year-End Checklist to Keep Your Estate Plan Up to Date
As the end of the year approaches, many people focus on family gatherings, holidays, and planning for the year ahead rather than reviewing their estate plan. However, year-end provides an ideal opportunity to make sure your documents still reflect your wishes and current circumstances.
Life changes quickly. Even a well-prepared estate plan can become outdated over time. As you prepare for the new year, review the following considerations to confirm that your estate plan remains accurate, effective, and aligned with your goals.
1. Review the People Named to Act on Your Behalf
Many estate plans name individuals who were appropriate at the time the documents were created but may no longer be the best choice today. You should periodically review the people you have appointed as your personal representative, successor trustee, and agents under your powers of attorney.
Ask yourself:
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Do these individuals still live nearby and have the availability to serve?
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Do they still have the mental capacity to make important decisions?
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Do you still trust them to act in your best interests?
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Has your relationship with any of them changed?
Updating these roles helps ensure the right people step in when they are needed most.
2. Consider Major Life Changes
Life rarely stays the same, and changes often affect estate planning decisions. Reviewing your plan through the lens of recent life events can help identify areas that may need adjustment.
Consider whether you have experienced:
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The birth of children or grandchildren
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A death in the family, divorce, or family estrangement
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Increased involvement with charities or organizations
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Retirement or a significant career change
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The purchase or sale of a home or other major assets
If your life has changed, your estate plan should reflect it.
3. Confirm Your Real Estate Is Properly Titled in Your Trust
For a trust to work as intended, you must properly transfer your real estate into it. Creating a trust alone does not avoid probate unless you title assets correctly.
Review the following:
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Confirm that your Nevada property is titled in the name of your trust
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Verify that your deed reflects your attorney’s recommendations
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Identify any out-of-state property that could trigger a separate probate
Proper titling helps your trust operate efficiently and reduces unnecessary court involvement.
4. Make Sure Your Trust Is Fully Funded
Funding your trust means naming the trust as the owner or beneficiary of appropriate assets. Many people overlook this step, which can limit the effectiveness of their estate plan.
Assets to review include:
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Bank accounts
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Brokerage or investment accounts
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Coordination with your financial planner and CPA to reflect the trust
If you are unsure which assets belong in your trust, an estate planning attorney can help clarify the process.
5. Review Your Powers of Attorney
Powers of attorney often remain unchanged for years, even as circumstances evolve. Outdated documents can create delays or be rejected by financial institutions or healthcare providers.
Confirm that the individuals named as your agents:
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Remain trustworthy and willing to serve
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Have the ability to make difficult decisions
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Understand your healthcare wishes
Be aware that older powers of attorney may not comply with current Nevada law and may cause issues when used.
6. Address Digital Assets and Online Access
Digital assets play a growing role in daily life, yet many estate plans overlook them. At some point, your loved ones may need access to your digital accounts.
These may include:
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Online banking and investment portals
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Cloud and photo storage accounts
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Social media profiles
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Cryptocurrency accounts
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Digital subscriptions
Store this information securely and carefully consider who should have access to it.
7. Align Your Estate Plan With Your Business
If you own a business, your estate plan should address more than personal assets. Business succession planning helps protect both your livelihood and your family.
Ask yourself:
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Who will manage the business if you become incapacitated?
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Who will inherit your ownership interests?
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Have you identified key individuals who can step in when needed?
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Will your family have access to essential business information?
Clear planning helps preserve continuity and reduce uncertainty.
8. Organize and Share Your Documents
An estate plan works best when the right people can find and access the documents.
Take time to:
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Locate original wills, trusts, deeds, and powers of attorney
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Store them in a safe, dry, and accessible location
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Create digital copies for key individuals
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Inform trusted people and advisors where documents are stored
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Prepare a short “in case of emergency” letter with contact information for your attorney, CPA, and financial advisor
Organization makes a difficult time easier for your loved ones.
9. Schedule a Regular Estate Plan Review
Regular reviews help keep your estate plan current and effective. Meeting with an estate planning attorney allows you to address updates before they become urgent.
A one-hour review can help prevent years of family conflict, delays, and unnecessary court involvement.
Ready to Review Your Estate Plan?
If you have questions about your estate plan, whether or not Michaelson Law prepared your documents, our team is here to help. We work with individuals and families throughout Nevada to keep estate plans current and aligned with their goals.
To schedule a consultation, call 702-731-2333 or visit www.michaelsonlaw.com. Our experienced estate planning attorneys and case managers look forward to assisting you.