Tax season encourages people to take a close look at their finances. You gather documents, review investment accounts, check charitable donations, and confirm important details for your tax return.
While doing all of this, many people realize they are also looking at the same information that forms the foundation of their estate plan.
Working with an Estate Planning Attorney in St Augustine FL during this time can help ensure your plan stays aligned with your current goals, assets, and family needs. Even small updates can help maintain clarity and peace of mind.
Why Tax Season Naturally Connects to Estate Planning
Preparing taxes requires you to review many aspects of your financial life. Bank accounts, retirement savings, charitable gifts, and property records all come into focus.
These same financial elements are often referenced in estate planning documents.
Because you are already gathering information about your assets and accounts, tax season can act as a natural reminder to confirm that your estate plan still reflects your current situation.
For example, you may notice:
- New accounts opened during the past year
- Changes in investment holdings
- Property purchases or sales
- New charitable giving habits
When these changes occur, it may be helpful to ensure your estate planning documents still match your current financial picture.
What Parts of an Estate Plan Should Be Reviewed?
An estate plan is made up of several important documents. Reviewing them periodically helps ensure that the people you trust and the instructions you’ve provided remain accurate.
Your Last Will and Testament
Your will outlines how your property should be distributed and who will handle the administration of your estate.
If you have experienced financial or family changes over the past few years, your will may need adjustments. Even when life feels stable, reviewing your will helps confirm that everything still reflects your wishes.
Financial Power of Attorney
A power of attorney (POA) allows someone you trust to manage financial matters if you become unable to do so yourself.
When reviewing this document, it’s helpful to ask a few simple questions:
- Is the person I named still the right choice?
- Do they understand my financial situation?
- Are they comfortable handling this responsibility?
Ensuring the right person is named can provide reassurance that your affairs will be handled according to your wishes.
Medical Power of Attorney and Living Will
Healthcare planning documents allow you to outline your medical preferences and name someone who can communicate with healthcare providers if needed.
These documents often remain in place for many years, but it is still helpful to confirm that the person you selected is still the right choice and that your wishes remain the same.
Review Beneficiary Designations While You Have Accounts Open
One of the most overlooked parts of estate planning involves beneficiary designations.
Many assets transfer directly to the beneficiary listed on the account, rather than through a will. These commonly include:
- Retirement accounts
- Life insurance policies
- Certain bank accounts
- Investment accounts with transfer-on-death instructions
During tax preparation, you may already be reviewing statements from these accounts. This creates a convenient opportunity to confirm that your beneficiary designations still reflect your wishes.
If your family situation has changed, updating these designations may help ensure that your plans stay consistent across all documents.
Organizing Important Documents for Loved Ones
Tax season often means gathering paperwork from different sources. This process can also serve as a reminder to organize important records for your family.
Many estate planning attorneys recommend maintaining a central file that includes essential documents and contact information.
Your file might include:
- Your will and trust documents
- Powers of attorney
- Insurance policies
- Property records
- Retirement and investment account information
- Contact information for your attorney, financial advisor, and accountant
Letting a trusted person know where these documents are stored can make things much easier for loved ones if they ever need to locate them.
Don’t Overlook Digital Assets
Many important parts of modern life now exist online. Financial platforms, cloud storage, and social media accounts may all contain information that your family should be able to access.
Creating a simple list of digital accounts and instructions can help ensure these assets are handled appropriately. Some online platforms also allow you to designate someone to manage your account if needed.
Key Takeaways
- Tax season naturally encourages a review of financial accounts and records.
- This makes it a convenient time to revisit your estate planning documents.
- Important documents to review include your will, power of attorney, and healthcare directives.
- Beneficiary designations on retirement and insurance accounts should be checked regularly.
- Organizing important documents can make things easier for loved ones in the future.
- Reviewing your estate plan every few years helps ensure it remains current and reflects your wishes.
Take the Next Step Toward Peace of Mind
If tax season has you reviewing financial records and account information, it may be the perfect moment to revisit your estate plan as well. A thoughtful review can help ensure your documents reflect your current wishes, your loved ones, and the assets you’ve worked hard to build.
At E.P.P.G. Law of St. Johns, Attorney Heather Maltby works with individuals and families throughout St. Augustine and Palm Coast to create and update estate plans that are clear, personalized, and easy to understand. Whether you need to review an existing will, update beneficiary designations, or put important documents in place for the first time, having guidance can make the process feel manageable and straightforward. Request a consultation today.
References: The National Law Review (July 16, 2025)“Understanding the One Big Beautiful Bill Act: Key Tax Changes for Business Owners and Estate Planning Clients” and Ohio’s Country Journal (August 26, 2019)“Death and Taxes”