Year end estate planning means using the final weeks of the calendar year to review or create a will, trust, power of attorney, and beneficiary designations before December 31. The Team at Rhodium Law pairs this review with year end tax deadlines and any family changes from the past year, so Ohio families start January with fewer loose ends.
A year end estate planning checklist for Ohio families: what to review, which documents to gather, and why December is a good time to update a will, trust, or power of attorney.
- Why Should an Estate Plan Be Reviewed at Year End? An estate plan should be reviewed at year end because life events from the past twelve months, such as a marriage, divorce, birth, death, or move, may no longer be reflected in an existing will or trust.
- What Tax Deadlines Make December the Right Time to Plan? December matters because several tax rules reset on a calendar year basis: annual gift tax exclusions, charitable contribution deadlines, and required minimum distributions from retirement accounts all close out on December 31.
- What Belongs on a Year End Estate Planning Checklist? A year end estate planning checklist should include a will or trust review, a financial and healthcare power of attorney check, a beneficiary designation review, and a conversation with family members about intentions.
- Do Beneficiary Designations Need a Fresh Look Each Year? Beneficiary designations deserve a yearly check because they pass directly to the named beneficiary outside of probate, overriding conflicting instructions in a will.
- What Documents Should Be Gathered Before Meeting With an Estate Planning Attorney? Before a year end planning meeting, gather the current will or trust, powers of attorney, healthcare directives, life insurance policies, and recent retirement and investment account statements.
The holidays crowd the calendar, and estate planning tasks are easy to postpone until “sometime next year.” A short, structured review now protects the family, aligns documents with the past year’s changes, and closes out December with fewer loose ends.
Why Should an Estate Plan Be Reviewed at Year End?
An estate plan should be reviewed at year end because life events from the past twelve months, such as a marriage, divorce, birth, death, or move, may no longer be reflected in an existing will or trust. An outdated plan can leave assets divided in ways the family never intended.
A will or trust does not update itself. Marriage, divorce, remarriage, a new child or grandchild, and the death of a named executor or trustee are all events that call for a fresh look at existing documents. If no valid, updated will exists, Ohio’s statute of descent and distribution, R.C. 2105.06, decides how the estate is divided among a spouse and children by default, not the family’s actual wishes. Families with an existing estate plan that has not been touched since a major life event are the ones with the most to gain from a December check in.
What Tax Deadlines Make December the Right Time to Plan?
December matters because several tax rules reset on a calendar year basis: annual gift tax exclusions, charitable contribution deadlines, and required minimum distributions from retirement accounts all close out on December 31. Missing these windows can mean losing them for the year entirely.
The IRS sets an annual gift tax exclusion amount that resets each January 1. For 2026, that exclusion is $19,000 per recipient, meaning an individual can give up to that amount to any number of people without filing a gift tax return or reducing a lifetime exemption. Charitable gifts made before December 31 can also support both a cause and a family’s overall tax picture for the year. Retirement account owners who have reached the required minimum distribution age, currently 73 under the SECURE 2.0 Act for most current retirees, need to confirm that year’s distribution has been taken before the December 31 deadline to avoid an IRS penalty. A conversation with an attorney and a financial advisor before year end can confirm which of these windows actually apply to a given family.
What Belongs on a Year End Estate Planning Checklist?
A year end estate planning checklist should include a will or trust review, a financial and healthcare power of attorney check, a beneficiary designation review, and a conversation with family members about intentions. Each item takes only a short conversation with an attorney to confirm.
A useful working list includes:
- Will or trust review. Confirm the plan still reflects current family circumstances and, for a trust, that assets are properly titled in the trust’s name. See trust funding for what that titling process involves.
- Powers of attorney. Confirm a financial power of attorney is in place and still names the intended agent. Under Ohio’s Uniform Power of Attorney Act, R.C. Chapter 1337, a financial power of attorney is durable, meaning it remains effective after incapacity, unless the document says otherwise. Details are on the powers of attorney page.
- Healthcare directives. Confirm a living will and healthcare power of attorney are signed and that the named agent still reflects current wishes. See advance directives for what each document covers.
- Beneficiary designations. Confirm retirement accounts, life insurance, and payable on death accounts list the intended beneficiaries.
- A family conversation. Share intentions with family members before an emotional moment forces the conversation.
Do Beneficiary Designations Need a Fresh Look Each Year?
Beneficiary designations deserve a yearly check because they pass directly to the named beneficiary outside of probate, overriding conflicting instructions in a will. An outdated designation, such as a former spouse still listed on a retirement account, can undo the rest of an otherwise updated estate plan.
Retirement accounts, life insurance policies, and payable on death or transfer on death accounts all transfer by contract, not by the terms of a will. That is what makes them efficient at avoiding probate, and also what makes them risky when they are forgotten. Reviewing these designations alongside a broader plan for probate avoidance closes a gap that a will alone cannot fix.
What Documents Should Be Gathered Before Meeting With an Estate Planning Attorney?
Before a year end planning meeting, gather the current will or trust, powers of attorney, healthcare directives, life insurance policies, and recent retirement and investment account statements. Having these on hand turns a first meeting into a working session rather than a document hunt.
A short list to pull together in advance:
- Current will or trust, including any amendments
- Existing financial and healthcare powers of attorney
- Living will or other advance directive
- Life insurance policy statements
- Retirement and investment account statements, including current beneficiary listings
- A list of questions or life changes from the past year
Once a plan is signed, the work is not entirely finished. The Team at Rhodium Law’s guide on the steps to take after finalizing an estate plan covers what comes next, from funding a trust to storing documents where an agent or executor can find them.
Frequently Asked Questions
What is estate planning?
Estate planning is the process of arranging how a person’s assets, healthcare decisions, and affairs will be handled during incapacity and after death. It typically involves a will or trust, powers of attorney, and healthcare directives, and it works alongside beneficiary designations on retirement and insurance accounts.
Why is estate planning important?
Estate planning is important because it lets a person, rather than default state law, decide how assets are divided and who makes decisions during incapacity. Without a plan, Ohio’s statute of descent and distribution controls asset division, and a court may need to appoint a guardian for healthcare and financial decisions.
Is estate planning the same as having a will?
No. A will is one document within a broader estate plan. A full estate plan typically also includes a financial power of attorney, a healthcare power of attorney, a living will, and beneficiary designations, and it may include a trust depending on the family’s circumstances.
Who needs an estate plan?
Any adult with assets, minor children, or preferences about their own healthcare decisions benefits from an estate plan. Parents of minor children, property owners, business owners, and blended families in particular have decisions that default state law will not make the way they would choose.
When is a good time to start estate planning?
A good time to start estate planning is now, before a health event or family change forces a decision under pressure. December is a practical checkpoint because tax deadlines, family gatherings, and the calendar year end naturally prompt a review of what has changed.
What should be brought to a first estate planning meeting?
A current will or trust if one exists, any powers of attorney or healthcare directives, life insurance and retirement account statements, and a written list of life changes or questions from the past year all help make the first meeting productive.
Discuss your next step
A year-end review can give your family’s planning a place among the other responsibilities you are already bringing into order. Set aside time to consider what has changed before another busy season begins. We invite you to schedule a complimentary 15-minute Strategy Session with Intake Services and begin the conversation about your goals and working with the firm.
