Estate Planning Resolutions Floridians Can Use to Prepare for the New Year

As the holiday season fills our homes with joy and reflection, it is natural to think about what matters most: our families, our futures, and the legacies we leave behind. Amid the holiday hustle and bustle, December is the perfect time to take a step back and consider whether your estate plan is still aligned with your goals. Whether you have recently experienced a major life change or simply have not revisited your plan in a while, the end of the year offers an ideal opportunity to ensure your wishes are documented and protected.

Keep in mind that an estate plan is not just a set of legal documents; it is a gift to your loved ones, ensuring they are cared for and your assets are distributed as you intend. From updating last will and testaments and trust agreements to taking advantage of annual gifting opportunities, there are many ways to use the final days of the year to set the stage for financial and emotional peace of mind in the new year. With a little effort now, you can start 2025 with the confidence that your plans are in order.

The first step in your year-end Florida estate planning is to review your existing documents. Life changes such as a marriage, divorce, the birth of a child, or the loss of a loved one may necessitate updates to your last will and testament or trust agreement. Even if nothing significant has changed in your personal life, it is important to ensure your documents still reflect your current wishes and align with Florida law. Outdated documents can lead to confusion or unintended consequences, so a regular review is critical.

Another essential consideration is your beneficiary designations. Many people forget that assets like retirement accounts, life insurance policies, and payable-on-death accounts pass directly to the named beneficiaries, often outside of the terms of a last will and testament or trust agreement. By reviewing and updating these designations, you can avoid conflicts and ensure your assets go exactly where you intend. Additionally, this is a good time to confirm that you have appointed trusted individuals as your healthcare surrogate and power of attorney.

The holiday season is also an excellent time to make financial gifts to loved ones. Under federal law, you can give up to $17,000 per recipient annually without incurring gift tax, a strategy that can reduce your taxable estate while helping your family in meaningful ways. Whether it is helping a child with college expenses or contributing to a grandchild’s savings account, year-end gifting is a thoughtful way to share your wealth.

Finally, consider creating a resolution for 2025 to address any gaps in your Florida estate plan. If you have been putting off creating a last will and testament, establishing a trust agreement, or discussing your wishes with loved ones, there is no better time to act. Estate planning is a deeply personal process, but you do not have to navigate it alone. With the guidance of an experienced Florida estate planning attorney, you can create a plan that reflects your values and protects what matters most to you.

While this article might ignite more questions, it serves as a stepping stone towards understanding the nuanced world of power of attorney in Florida. When your family or financial health is on the line, trust attorney Paul Riffel to help you protect your interests and achieve your goals. Attorney Paul Riffel has been practicing law in Florida for over 41 years, focusing in the areas of Tampa estate planning and  family law. We encourage you to contact us and schedule a meeting with us.