Annual Financial and Estate Planning Checklist

As the calendar turns, many people take stock of personal goals, refresh routines, and set intentions for the months ahead. Your financial and estate plan deserves the same renewed attention each year. The start of a new year is an ideal moment to step back, assess your plan, and identify opportunities to ensure your strategy is aligned with your short and long-term goals. Read on to learn more about key planning considerations designed to ensure your plan continues to support and protect what matters most to you.

Update Your Financial Roadmap

As markets, interest rates, and personal priorities shift, your financial plan should evolve, too. Begin the year by:

• Reviewing investment allocations to confirm they still reflect your risk tolerance, liquidity needs, and long-term objectives.
• Reassessing cash flow and spending to maintain lifestyle goals while optimizing savings and charitable giving opportunities.
• Consolidating accounts or entities where appropriate to simplify oversight and increase efficiency.

Revisit Estate Planning Documents

An annual review of your estate plan is good practice to ensure fiduciary designations, as well as your understanding of your plan, is current. Consider:

• Major life changes such as marriages, divorces, births, or the death of a loved one may require updates to beneficiary or fiduciary designations. Keep in mind that retirement accounts and life insurance benefits are not governed by your will but rather pass according to beneficiary designation forms on file with the account custodian, so be sure to confirm those are current.
• A review of the flow of your entire estate plan, including trusts you have already funded, to ensure the terms and fiduciaries still reflect your wishes.
• With increased lifetime estate and gift tax exemptions, consider with your advisors whether there are any strategies that may make sense to incorporate this year to shift assets to loved ones and reduce your estate tax exposure. If you have utilized your full exemption, consider alternative strategies such as grantor retained annuity trusts or installment sales to grantor trusts.

Optimize Tax Efficiency

Tax legislation continues to evolve, making proactive planning important. Early in the year is an ideal time to:

• Assess realized gains and losses from the prior year and forecast this year’s anticipated transactions.
• Leverage gifting and charitable strategies such as annual exclusion gifts, donor-advised funds, or charitable trusts.
• If your plan includes grantor trusts, identify opportunities to maximize income tax basis planning by swapping assets in or out of your estate.
• Coordinate across advisors—CPA, attorney, and investment advisor—to identify opportunities to reduce taxes while achieving your larger financial goals.

Evaluate Family and Philanthropic Goals

Your wealth is about more than money—it serves a purpose rooted in your values and can be used to create or carry on a legacy. Use this time to ensure your planning reflects those values and supports your long-term intent:

• Involve heirs and beneficiaries in age-appropriate discussions to foster financial literacy and stewardship. Couple education with experiential learning opportunities to give children and grandchildren a hands-on learning experience.
• Reaffirm philanthropic priorities through structured giving vehicles that align with family values.
• Revisit succession or business continuation plans if you own closely-held companies or family enterprises, including family foundations and family offices.
• Craft letters of wishes or mission statements to provide guidance to fiduciaries regarding distributions from family and philanthropic vehicles and preserve intent over time.

Consider Wealth Protection and Security Measures

Finally, revisit your risk management framework.

• Verify that insurance coverage—life, property, liability, and umbrella policies—remains adequate in light of asset growth, lifestyle changes, or new ventures.
• Confirm the titling of your assets is appropriate and work with your advisors to determine whether entities such LLCs or certain types of trusts should be incorporated into your plan.
• Assess privacy measures, including digital and cyber security and identify theft protection.

A Fresh Start with Long-Term Focus

Moving into the new year with renewed attention to your financial and estate plan ensures your wealth strategy remains dynamic, intentional, and forward-looking. Partner with your SCS team on these measures to help set the tone for a secure, well-structured year—and a legacy built to last.