As the year winds down in Colorado Springs, life tends to shift into a different rhythm. Between wrapping up work projects, preparing for holiday travel, and getting organized for January, it’s easy to move estate planning to the back burner. But this season is actually one of the best times to pause, look things over, and make sure your plan still reflects your priorities.
A few strategic updates before December 31 can help keep your affairs organized and give you peace of mind heading into the new year. Below are practical, Colorado Springs–focused tips to guide your year-end review.
Take Stock of Major Life Changes
Life rarely stays the same from one year to the next, and even small changes can affect your estate plan. A year-end review is an easy way to catch anything you may have overlooked.
Questions to Ask Yourself
Think through whether you experienced any of the following in the past twelve months:
- Marriage or divorce
- The birth or adoption of a child or grandchild
- A move, home purchase, or refinance
- A major shift in income, savings, or investments
- A family death or other significant change in relationships
If any of these apply, it’s important to revisit your will, trust, powers of attorney, and beneficiary designations. Updating documents now helps ensure your wishes are honored and reduces future confusion for loved ones.
Review Beneficiary Designations
Beneficiary designations are often overlooked, yet they determine how many major assets pass—sometimes overriding what’s written in a will or trust. That makes reviewing them one of the most critical year-end tasks.
Where to Check Your Designations
Spend a few minutes looking over the beneficiaries listed on:
- 401(k)s, IRAs, and other retirement accounts
- Life insurance policies
- Bank and investment accounts with transfer-on-death (TOD) or pay-on-death (POD) instructions
If you went through a major life change this year, such as a divorce or the loss of a family member, updating these forms ensures your assets go exactly where you want them to.
Get Your Documents Organized
As you tidy up before January, it’s a good time to make sure your estate planning documents are organized and easy to locate. With the busy pace of life in Colorado Springs, papers can end up in different places—especially if you’ve moved or updated accounts.
Documents Worth Reviewing
Consider gathering and organizing:
- Your will and trust
- Financial and medical powers of attorney
- Advance health care directives
- A current list of financial accounts
- Login details or a password manager
- Instructions on how and where documents are stored
Having everything centralized makes things far easier for your family during an emergency.
Review Your Property and Real Estate Plans
Real estate is often one of the largest assets Colorado Springs residents own, and even small changes in ownership or use can impact how your estate transfers.
Key Property Considerations
Check whether you:
- Bought or sold a home this year
- Refinanced property
- Added or removed a co-owner
- Began using a property differently (e.g., renting it out)
If you own more than one property—whether here in Colorado Springs or elsewhere—make sure each is titled correctly and accurately reflected in your trust. Improper titling is one of the most common issues that causes probate complications later.
Revisit Charitable Giving and Year-End Financial Goals
Colorado Springs has a strong nonprofit community, and many people make their annual charitable contributions in November and December. This is also a great time to confirm whether your estate plan reflects the organizations and causes you care about most.
End-of-Year Financial Tasks
Before December 31, you may want to:
- Review annual gift tax exclusions
- Make gifts to children or grandchildren if part of your plan
- Gather charitable donation receipts
- Consider whether charitable gifts should be incorporated into your will or trust
- Taking a few intentional steps now can help keep your long-term financial goals on track.
Double-Check Your Fiduciaries
The people you’ve named as your personal representative, trustee, or agents under powers of attorney carry significant responsibility. If someone you appointed is no longer the right fit, it’s better to make adjustments before the new year begins.
When to Update Fiduciaries
Consider changes if a fiduciary has:
- Moved out of state
- Experienced major life changes
- Become too busy or unable to serve
- Drifted from your inner circle
These decisions don’t need to be complicated—just ensure the people you’ve chosen still align with your needs and values.
A Fresh Start for the New Year
A year-end estate plan review doesn’t have to take long, but it can make an enormous difference for your peace of mind. As Colorado Springs continues to grow and evolve, your estate plan should grow with you. A few thoughtful updates now can help you enter the new year feeling organized, prepared, and confident.
If you’d like help reviewing your estate plan or making year-end updates, our team at Mason Law & Planning Group is here to support you. Reach out through our website or give us a call, and we’ll help you schedule a time to talk.