A Fresh Start: Reviewing Your Estate Plan in the New Year

Dustin Hall |

A Fresh Start: Reviewing Your Estate Plan

The beginning of a new year is a natural time to reset priorities and revisit important financial decisions—including your estate plan.

Estate planning isn’t just about transferring assets. It’s about helping protect your family, reducing uncertainty, and making sure your wishes are clearly documented. As life evolves, your estate plan should evolve with it.

If you experienced major life events in 2025—a move, retirement, marriage, divorce, new grandchildren, or changes in your financial situation—your estate plan may need updates. But even if nothing significant changed, an annual review helps ensure everything remains aligned.

Here are five smart steps to consider:

1. Confirm that your will and trust reflect your current wishes.

Outdated documents can create confusion and unintended consequences. Review named executors, trustees, guardians, and distribution instructions.

2. Double-check beneficiary designations.

Retirement accounts, life insurance policies, and transfer-on-death accounts pass directly to named beneficiaries—not through your will. 

Make sure these are accurate and coordinated with your broader plan.

3. Review powers of attorney and healthcare directives.

If you became incapacitated tomorrow, who would step in to manage financial or medical decisions? Confirm the individuals you’ve chosen are still appropriate and informed.

4. Reassess estate tax exposure.

While federal estate tax exemptions remain historically high, future legislative changes are always possible. Additionally, some states impose their own estate or inheritance taxes. Proactive planning can help reduce potential burdens for heirs.

5. Organize and simplify.

The new year is an ideal time to consolidate accounts, organize key documents, and create a clear inventory of assets. A well-organized estate makes things far easier for loved ones.

Taking time now can prevent stress and uncertainty later.

If you’d like to review your estate plan or coordinate with your attorney, our team is here to help.

Why Estate Planning Is About More Than Money

Estate planning is often viewed as a legal exercise, but it’s really about clarity and care. A thoughtful estate plan can help:

• Avoid family conflict
• Provide guidance for minor children or dependents
• Protect vulnerable beneficiaries
• Streamline the administration process
• Preserve family values and charitable intentions

Without a plan, state laws determine how assets are distributed—which may not reflect your intentions.

Planning isn’t about expecting the worst. It’s about preparing responsibly.

Many families delay estate discussions because they feel uncomfortable. But open communication can reduce misunderstandings and build trust. Here are a few ways to approach the topic:

  • Choose a calm, distraction-free setting.
  • Frame the conversation around preparation, not pessimism.
  • Share your values and intentions, not just numbers.
  • Explain key roles (executor, trustee, healthcare proxy).
  • Invite questions and encourage ongoing dialogue.

 

These conversations can be one of the most meaningful gifts you give your family.

 

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

This material was prepared by Carson Coaching. Carson Coaching is not affiliated with the named broker/dealer or firm.