Your finances, family composition and priorities can change over time, and your estate plan should change with them. The larger your anticipated estate, the more important it may be to review your plan annually, particularly when minimizing taxes and protecting family wealth are major concerns.
The end of the year is a natural time to take stock of your finances and make adjustments. Here are several moves worth considering in the 60-90 days before 2026 comes to a close.
Your yearly estate planning review checklist
Even a relatively simple estate plan needs regular attention. For families with substantial wealth, business interests or multiple investment properties, annual reviews are almost a necessity to catch changes and make certain that any goals are still in focus. Here are some steps to take:
- Take advantage of annual gift tax exclusions, if you haven’t already. In 2026, you can generally give up to $19,000 to each recipient (or $38,000 if you are a married couple) without using any of your lifetime federal gift and estate tax exemption.
- Review your estate tax exposure and make necessary changes. The federal estate tax exemption is $15 million per individual in 2026. If your estate is approaching that amount, consider options like lifetime gifting, irrevocable trusts or other wealth-transfer strategies. Remember to account for appreciating investments and business interests.
- Revisit your trusts to see if they still meet your needs. Your living trusts may need to be modified in some way, and assets that haven’t been properly transferred may need to be addressed. You may even need to establish new trusts for new members of the family, such as grandchildren.
- Review whether your final will and other estate documents, including powers of attorney, still reflect your feelings. Changes in your assets, relationships with beneficiaries or financial objectives may make some adjustments necessary. This is particularly important if you have substantial investments, real estate holdings or business interests.
- Review your business succession plan. If you own a business, take stock of your one-year and five-year goals and make sure that your current succession arrangements reflect those goals. Family limited partnerships, buy-sell agreements and other arrangements may help facilitate an orderly transition.
- Check beneficiary designations. Any bank accounts, life insurance policies, investments and other assets with beneficiary designations generally pass outside of probate and are not controlled by your will. Make sure those designations still reflect your wishes and coordinate with the rest of your estate plan.
Making an appointment now with your estate planning attorney can give you enough time to revisit your existing estate plan and help you ultimately protect your assets, reduce your taxes and make sure that your wishes are clearly expressed.