The start of a new year is a natural time to revisit your financial priorities. As 2026 begins, reviewing your estate planning goals should be high on that list. Life changes, evolving family dynamics, and updates to tax laws can all affect how your estate plan functions and whether it still reflects your intentions.
Unlike tax planning, which often gets pushed to year-end, estate planning is most effective when reviewed early—before life events, market changes, or legislative shifts lead to rushed decisions. Taking time at the start of the year to focus on key estate planning components can help protect your wealth and support the legacy you intend to leave. Below are six goals to consider.
1. Review Your Wills and Trusts
Consider making updates to your wills and/or trusts to reflect family changes such as marriage, divorce, births, or deaths. It is also important to evaluate whether changes in your financial situation could affect how much—or to whom—you want your assets distributed.
2. Revisit Formula Funding Clauses Under the New Estate Tax Exemption
The One Big Beautiful Bill Act (OBBBA) permanently increased the unified federal estate and lifetime gift tax exemption to $15 million per individual ($30 million for married couples), indexed for inflation starting in 2026. For many families, this means existing estate documents may no longer function as intended—even if they were drafted correctly at the time.
Formula funding clauses in credit-shelter and marital trusts should be reviewed to ensure they still align with your intended planning goals. Documents drafted when the federal exemption was $5 million, for example, may now produce unintended results, such as overfunding credit shelter trusts.
3. Update Beneficiary Designations to Avoid Costly Mistakes
Review and update beneficiary designations on retirement accounts, life insurance policies, and other assets to ensure they are up to date and consistent with the rest of your estate plan. Outdated beneficiary designations can override the instructions in your will or trust and lead to unintended outcomes.
4. Confirm Asset Titling to Reduce Probate Risk
Review your accounts to ensure they are titled correctly. Assets that are intended to be owned by a trust should be properly titled in the trust’s name, which can help avoid probate and allow trustees to manage those assets according to the trust’s terms.
5. Use 2026 Gifting Limits to Transfer Wealth Tax-Efficiently
Combine estate planning with tax savings by taking advantage of the annual gift tax exclusion. Planning gifts early in the year allows families to be intentional rather than reactive. In 2026, individuals may gift up to $19,000 per recipient without triggering gift tax reporting requirements. Married couples can effectively double this amount to $38,000 per recipient.
6. Hold a Family Meeting to Align on Values and Legacy
After the holiday season, it can be a good time to begin—or continue—family conversations around shared values and the legacy of wealth you intend to leave. Every family situation is different, but open communication can help prepare heirs for future responsibilities and set clear expectations around inherited wealth.
These six goals are just the starting point. A well-designed estate plan that is reviewed regularly can help ensure your wishes are clearly documented, preserve your wealth, provide stability during times of loss, and offer peace of mind while you’re living. From foundational estate planning to advanced strategies and facilitating meaningful family conversations, our experienced estate and financial planning specialists are here to help.
