December is the perfect time to slow down, gather with family, and prepare for a fresh start in the new year. It’s also one of the most important times to update your estate plan—especially for Maine families navigating rising costs of care, changing assets, and MaineCare eligibility rules.
Whether you already have a Will and basic documents or haven’t reviewed your plan in years, this checklist will help you enter the new year with confidence and protection.
Why December Is the Ideal Time to Review Your Plan
Holidays Bring Everyone Together
The holiday season naturally brings families around the table—making it easier to discuss important decisions such as:
- Who will serve as your Personal Representative (executor)
- Who you trust to handle your finances or healthcare decisions
- What should happen with your home, camp, or family property
These conversations are important and often much easier when loved ones are physically present.
A New Tax Year Is Right Around the Corner
January resets many important financial rules:
- Annual gifting limits
- Tax thresholds
- Contribution limits for retirement accounts
Reviewing your plan before December 31 ensures you take advantage of any year-end opportunities.
Update Your Key Estate Planning Documents
Estate planning is never “set it and forget it.” Maine families should review essential documents every year to ensure they still reflect your wishes.
Last Will & Testament
Update if any of the following occurred this year:
- A birth, death, marriage, or divorce
- A new property purchase
- A beneficiary no longer appropriate
- A change in who you trust to settle your estate
Trusts (Revocable or Irrevocable)
Trusts are powerful tools for:
- Avoiding probate
- Protecting the family home
- Planning for MaineCare
- Ensuring smooth inheritance of camps and real estate
Confirm your trust is properly funded and up to date.
Financial Power of Attorney
Banks and financial institutions in Maine are stricter than ever.
If your POA is more than a few years old—or if the person named is no longer available—it’s time to update.
Healthcare POA & Advance Directives
Make sure:
- Your healthcare agent is still the right person
- Your medical wishes are documented
- You have a HIPAA release so family can communicate with providers
Maine hospitals now consistently require these documents before discussing care with family.
Review Your Beneficiary Designations
Beneficiary designations override your Will, so they must be accurate.
Check all accounts:
- Retirement accounts (IRA, 401k)
- Life insurance policies
- Annuities
- Bank accounts with POD/TOD instructions
Confirm names, percentages, and whether any beneficiaries need to be updated due to life changes this year.
Evaluate Your Financial Picture Before the Year Ends
A lot can change in a year. Review:
- New investments or assets
- Property sales or purchases
- Changes in income
- Increases in savings or retirement accounts
These changes may affect your estate plan, MaineCare strategy, or potential tax exposure.
Maine families often forget to include:
- Camps and seasonal properties
- Inherited real estate
- Out-of-state property
- Business ownership interests
If your financial situation looks different than last December, your plan should too.
Consider Long-Term Care Planning (Especially MaineCare)
Long-term care costs in Maine continue to rise in 2024–2025, with nursing home care averaging $10,000–$13,000 per month and in-home care costs increasing statewide.
This makes advanced planning more important than ever.
Understand the 5-Year Lookback
MaineCare reviews the previous five years of:
- Gifts
- Transfers
- Sales under fair market value
Even well-intended financial help to children or family can trigger a penalty period later.
Start MaineCare Planning Early
For those hoping to:
- Protect the home
- Preserve assets for a spouse or children
- Avoid a crisis spend-down
… advanced planning is essential.
December is the perfect time to begin or revisit a strategy.
When to Schedule a Consultation
You should schedule an estate planning review if:
- Your documents are more than 3–5 years old
- You purchased or sold a home or camp
- Your family structure changed this year
- You are concerned about long-term care costs
- You want to protect assets for children or grandchildren
- You’re considering gifting before year-end
- You have no plan at all
Maine families benefit most from annual or biannual reviews to stay ahead of life changes and legal updates.
✔️ Start the New Year Protected—Schedule Your Review
Aging in Maine is here to help you update your plan, protect your assets, and prepare for whatever the new year brings.
A simple review today can prevent stress, confusion, and financial risk tomorrow.
📞 Call (207) 848-5600
Give yourself peace of mind this December—and start January confident your estate plan is complete and current.
