December Planning: Simple Steps to Take Before Year’s End

As December unfolds and the year draws to a close, it’s natural to focus on holiday celebrations and time with loved ones. But taking a few simple steps now can set you up for a smoother, more organized 2026, especially when it comes to your legal and financial affairs.

Review Your Will and Powers of Attorney

When was the last time you looked at your will? If it’s been more than a few years, or if your life circumstances have changed, December is an ideal time for a quick review. That includes major shifts like new children or grandchildren, marriage, divorce, or significant asset changes.

Your powers of attorney deserve the same attention. Have you appointed someone to make financial and healthcare decisions if you’re unable to? Are those appointments still current? Life changes, and the person you named five years ago might not be the right choice today.

Have the Conversation

Here’s something most people put off: talking with your appointed healthcare agent about your wishes. We’re lawyers, not doctors, so we can’t advise on specific medical treatments. What we can tell you is this: having ongoing conversations with the people you’ve chosen is far more valuable than any document alone.

These conversations don’t need to be heavy or formal. A simple chat over coffee about your values and what matters most to you can make all the difference if difficult decisions need to be made.

Business Owners: Year-End Checklist

If you run a business, December offers a natural checkpoint. Take time to:

• Review your corporate records and ensure they’re current
• Organize financial statements and receipts for tax season
• Assess whether your business structure still serves your needs
• Consider if incorporation could offer tax advantages for 2026

Manitoba’s 9% corporate tax rate on the first $500,000 in profits can translate into significant savings compared to personal income tax rates. If your business is generating substantial profit, it might be time to explore incorporation.

Prepare for Next Year’s Opportunities

Looking ahead to 2026, what legal housekeeping would give you peace of mind? Perhaps you’ve been meaning to update your will, explore incorporation, or finally document that partnership agreement. December is quieter for many people, which means you can use this time to identify what needs attention and make a plan to address it in the new year.

Small Steps, Big Impact

Year-end planning doesn’t require a complete overhaul of your affairs. Even small actions can provide clarity and confidence as you move forward. Think of planning as a gift to your future self and your loved ones. By taking care of these details now, you’re ensuring that 2026 starts on solid footing, with fewer loose ends and more peace of mind.

Ready to Start Your Year-End Planning?

If you’d like guidance reviewing your will and powers of attorney, exploring incorporation benefits, or discussing any legal matters before the year ends, we’re here to help. Call us at (204) 925-1900 or reach out online to schedule a consultation.