Tax Season Checklist: Estate Planning Documents to Review
Tax Season Checklist: Estate Planning Documents to Review
Tax season brings out the shoeboxes of receipts, the W-2s, and the login credentials you forgot. But there's something else you should pull out every year alongside your tax documents—your estate plan.
Most people create their estate planning documents and then file them away, never to be looked at again. That's a problem. Life changes fast, and an outdated estate plan can be worse than no plan at all. Tax season gives you a built-in annual reminder to make sure everything is still current.
Why Tax Season Is the Perfect Time
You're already thinking about your finances. You're looking at account balances, reviewing income sources, and gathering documents. While you're in that mindset, it takes very little extra effort to review your estate planning documents too.
Plus, tax season often reveals changes that affect your estate plan—a new job with a new 401(k), the sale of a property, a significant change in income, or the birth of a child or grandchild. If any of these happened in the past year, your estate plan may need an update.
The Documents You Should Review
Here's your annual estate planning checklist:
1. Your Will
- Does it still name the right executor?
- Are the beneficiaries still accurate?
- Have you acquired assets that aren't addressed in the will?
- Has anyone named in the will passed away or become estranged?
2. Your Trust (If You Have One)
- Have you funded the trust properly? New accounts or property may need to be titled in the trust's name.
- Are the trustee and successor trustee still the right people?
- Do the distribution terms still match your wishes?
- Under Texas law, an unfunded trust is essentially an empty container—make sure yours has what it needs inside.
3. Beneficiary Designations
- Review every retirement account, life insurance policy, and bank account with a payable-on-death or transfer-on-death designation.
- Make sure no designations name a deceased person or ex-spouse.
- Confirm that designations align with your will or trust—they'll override both if there's a conflict.
4. Powers of Attorney
- Is your financial power of attorney still in place? In Texas, a durable power of attorney survives your incapacity, but only if it was properly executed under the Texas Estates Code.
- Is your medical power of attorney still naming the person you'd want making healthcare decisions?
- Have you moved to Texas from another state? Your old documents may not meet Texas requirements.
5. Directive to Physicians (Living Will)
- Does it still reflect your wishes about end-of-life care?
- Have your feelings about life-sustaining treatment changed?
6. HIPAA Authorization
- Is the list of authorized individuals still current?
- Can your family members access your medical records if needed?
Changes That Should Trigger an Update
While you're reviewing, pay special attention if any of these happened in the past year:
- Marriage or divorce — Texas community property laws significantly affect how your estate is distributed
- Birth or adoption of a child or grandchild — They may need to be added to your documents
- Death of a beneficiary, executor, or agent — Successor designations become critical
- Major financial changes — A large inheritance, sale of a business, or significant increase in assets may require trust planning or tax strategies
- Relocation — If you moved to Texas from another state, your documents should be reviewed by a Texas attorney
- New business ownership — Business succession planning should coordinate with your personal estate plan
Don't Forget Digital Assets
Modern estate planning includes your digital life. During your tax season review, make a list of:
- Online banking and investment accounts
- Email accounts and social media profiles
- Cryptocurrency wallets
- Digital subscriptions and business accounts
- Password manager access or a secure list of credentials
Texas law recognizes digital assets, and your estate plan should address who can access them and what should happen to them.
When to Call Your Attorney
If your review reveals any significant changes—or if it's been more than three years since you last spoke with your estate planning attorney—it's time to schedule a meeting. Even if nothing major has changed, a quick review with your attorney ensures everything is still legally sound and properly coordinated.
Don't let another tax season pass without checking on your estate plan. The 30 minutes it takes now could save your family months of confusion later.
Contact Dickey Law Group today to schedule a consultation. We serve families throughout The Woodlands, Spring, Conroe, and the Houston metro area. Call (832) 521-4414.