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Financial and estate planning steps for the end of the year

On Behalf of | Dec 9, 2022 | Estate Planning

The end of the year is an important time to reflect on the year behind and consider what steps may be necessary for the year ahead. For most Texas adults, it is beneficial to consider estate and financial planning needs and make any necessary adjustments that will be critical to one’s future success. Doing this now can lay the foundation for long-term security and avoid complications should the unexpected arise. 

Financial planning and estate planning go together 

Financial planning and estate planning are efforts that are best done together. Depending on individual goals and objectives, a look at current financial strategies and estate plans can provide insight into what steps are necessary to end the year on a strong note. For many, this means making end-of-year charitable donations. This is also a good time to review retirement plans. 

Additionally, the end of the year is a practical time to review current estate plans. Life is always changing, and these changes should be reflected in the terms of existing documents. Beneficiary designations should be up-to-date, and all the directions outlined in a plan should match current circumstances and long-term goals.  

Peace of mind for the future 

Using this time of year to review important legal and financial matters is practical and important. A careful assessment of one’s goals and current plans can provide insight regarding what steps are necessary. When reviewing a current estate plan, it may be useful to seek the guidance of an experienced Texas estate planning attorney for insight into what steps are necessary.  

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