Estate Planning Updates After the Holidays

The end of the year is an ideal time to re-evaluate your estate planning designations. 


Here are a few reasons why…



Addressing Life Changes from 2020

This is the perfect time to reflect on how much your life has changed in the last 12 months and analyze which parts of your plan needs to be adjusted based on those changes. In the turmoil of 2020, you likely experienced some sort of event that would warrant an update to your documents.


Here are just some of the life changes that would warrant an update to your plan:

  • Marriage
  • Divorce
  • Death of a loved one/beneficiary
  • Birth of a new child
  • Falling out with a family member


Updating your will, trust, estate, Power of Attorney, and more is essential after these life events to ensure that your wishes are carried out properly.


Planning for Potential Tax Law Changes

Many people are starting to plan ahead for the potential tax law changes that could occur in 2021 once President-Elect Joe Biden takes office. To ensure your plan is optimized for these changes, you should meet with an estate planning attorney sooner rather than later.


Discussing Plans for 2021

For many people, the holiday season is the one time of year where adult siblings and extended family are gathered together, even if, given current conditions, they are only meeting virtually. This is usually the time when family members will discuss topics that pertain to their elderly parents/grandparents, minor children, the family business, etc. Take advantage of this time by getting on the same page with your family plans for 2021, and then meet with your estate planning attorney to write it all out and set the plans in motion.


Dealing With Disappointment

As silly as it may sound to some, I’ve seen many instances when the holidays can be the breaking point for family members who are already experiencing a rift. Maybe your troublemaking sibling said something way out of line, or maybe your absent parent or child neglected to show up for yet another family gathering. A lot can go down during this holiday season when tensions are high, and it may be that you decide to take action come January.


Estate Planning with Lefkoff-Duncan

If the holiday season has you ready to update or create an estate plan, Lefkoff-Duncan is here to help. Our experienced team will assist you in all of your estate planning endeavors so that you’ll never again need to wonder if you’ve done enough to take care of the ones you love.