Year-End Legal Checklist

Year-end is an ideal time for individuals and businesses to address important legal matters.

Here’s a list of key legal to-dos to consider before December 31:

For Individuals

1. Estate Planning

   • Review and update your will, trust, and other estate planning documents.

   • Confirm or update beneficiary designations for retirement accounts, life insurance policies, etc.

   • Use up your annual gift tax exemption (e.g., gifting up to $17,000 per recipient in 2024).

2. Tax Planning

   • Ensure charitable donations are documented for tax purposes.

   • Make year-end contributions to retirement accounts or health savings accounts (HSAs).

3. Family Law

   • Review child custody agreements to align with holiday schedules.

   • Discuss and plan for upcoming life changes (e.g., marriage, divorce, new children).

4. Health Directives

   • Update your healthcare power of attorney or living will.

   • Ensure all necessary parties, such as your doctors and family members, have updated copies.

5. Personal Injury Claims

   • File any claims that are close to the statute of limitations before the year ends.

For Businesses*

1. Corporate Compliance

   • File annual reports or other required state filings.

   • Ensure all licenses and permits are renewed for the upcoming year.

   • Conduct board and shareholder meetings to approve key decisions.

2. Tax Strategy

   • Review profit and loss statements for tax planning.

   • Purchase business equipment or make investments that qualify for tax deductions.

3. Employee Matters

   • Update employee handbooks and policies for the new year.

   • Ensure year-end bonuses and payroll are processed accurately.

4. Contracts

   • Review existing contracts for renewals, expirations, or renegotiation opportunities.

   • Ensure vendor and supplier agreements are up to date.

5. Data Privacy & Cybersecurity

   • Audit data privacy practices to comply with state or international regulations.

   • Update cybersecurity protocols and training.

6. Legal Disputes

   • Address any pending legal issues or file claims before the statute of limitations expires.

General Year-End Actions

1. Document Organization

   • Review and archive old documents; securely destroy sensitive files no longer needed.

   • Update contact information for key advisors (lawyer, CPA, financial planner).

2. Insurance Review

   • Evaluate coverage for home, auto, life, and business insurance policies.

3. Set Goals for 2025

   • Plan legal strategies for business growth, estate expansion, or personal milestones.

These to-dos can help close out the year responsibly while laying a strong foundation for the new year.

*Important note on the Corporate Transparent Act