The new year brings introspection, reflection, and most importantly projection – of plans and goals for yourself and your family. While you’re planning and looking ahead, there’s no better time to revisit your estate plan and see if it needs any fine-tuning. Below are nine questions to ask in the new year.
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Are there any new laws, new assets, or changes in your life that affect your plan?
Two things are certain: at some point, the law is going to change and your life is going to change. Though many people like to think otherwise, an estate plan is not a once-in-a-lifetime task. For your plan to adequately reflect your wishes, it needs to fit your family and circumstances, and adapt as those change.
An outdated estate plan could potentially be worse for your loved ones than having no plan at all – Wills & Wellness can evaluate outdated plans and get them up to date.
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Do your family and estate principals know exactly how to access everything you own right now?
Unfortunately for many potential beneficiaries, every state benefits from a “giant lost and found” of unclaimed estate assets. Unclaimed estate assets are forgotten or abandoned funds (like old bank accounts, stocks, insurance payouts) or tangible items (like safe deposit box contents) that companies or governments must turn over to the state after a period of inactivity. If a family doesn’t know what a deceased person left behind or how to locate it, it will eventually revert to the state.
You can prevent this tragedy by leaving your family a detailed list of what you own, where it is located, and how to access it. Current Wills & Wellness clients can become Client Members and take advantage of our secure document storage, streamlining the process for your beneficiaries.
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Are your designated guardians, executor, trustees or beneficiaries still the right ones?
Reevaluate your preferences regarding who would step into trusted roles under your estate plan. If your preferences have changed, or if there has been a falling out with a friend or relative, you may need to update your plan accordingly.
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Is there an opportunity to use a trust to protect assets?
When working with an estate planner to design your estate plan, it’s important that you have a complete understanding of the entire process. You need to understand what probate is and how you can avoid it if that’s your wish.
Many people (and attorneys) take the approach that “probate is easy” or “a will is enough” without informing clients exactly what the probate process will look like for their loved ones after they are gone. Understanding the probate process will guide you to deciding whether a trust (which avoids probate if done correctly) is right for your family.
Remember, a will alone does not avoid probate. Wills & Wellness is well versed in all manner of trusts, and can strategize with you to find the best solution for your situation.
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If you have a family business, has it been properly maintained to comply with the state’s laws?
Simply creating an LLC online or calling your company a “partnership” isn’t enough to comply with state laws limiting your personal liability of business debts. From a liability perspective, a plaintiff’s attorney is thrilled when a business can’t produce any business records other than the initial Secretary of State document forming the company—because this means the business hasn’t been properly run and the plaintiff’s attorney can likely access the business owners’ personal assets to satisfy a claim.
If you own a business, make sure it’s included in your estate planning and that all of your documentation is correct and up to date.
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Are you planning to make a financial gift to family or other beneficiaries this year?
The annual gift tax exclusion is $19,000 per recipient in 2026, meaning that a parent can give a child $19,000 without having to file a return. Married couples can combine their exclusions to give $38,000 to a child. Any financial gifts over those amounts will require a gift tax return.
The One Big Beautiful Bill Act (OBBBA) permanently set the lifetime gift and estate tax exemption at $15 million per individual ($30 million per married couple). Financial gifts over the annual exclusion amount are subtracted from the lifetime exemption, and no gift tax will be owed until the lifetime exemption is exhausted.
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Are you maximizing opportunities for income tax deductions?
Keeping good accounting records during the year will help you quickly spot how much you have available in income tax deductions and business deductions. Check with your Certified Public Accountant (CPA) or a trusted financial advisor to make sure you’re taking advantage of all deduction opportunities to help minimize the tax burden this year.
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Are you employing the best strategies for charitable gifting?
Charitable giving has a triple benefit—you receive the joy of giving, someone has the gratitude of receiving, and you have the possibility of a tax deduction. If you are inching toward your maximum deductible charitable giving or don’t know how much of that $150 donation to your favorite charity in exchange for a fundraiser dinner is deductible, check with your accountant about deducting the right amount.
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If you donate cash to a charity from an IRA, are those being made properly?
Qualified retirement accounts can have tricky distribution requirements. It’s best to navigate these questions with a trusted financial advisor to ensure you’re making proper distributions to charities and to yourself—whether as the initial account owner or as the beneficiary of an inherited IRA.
Good financial practices help keep your financial assets healthy so that you eliminate potential roadblocks when it comes time to distribute your estate. The worst scenario is for your loved ones to discover outstanding tax liabilities that greatly reduce or eliminate the asset altogether.
Don’t just hire an attorney for your estate plan, partner with one.
Wills & Wellness understands the importance of an ongoing relationship when it comes to creating an estate plan and keeping it up to date.
Don’t have an estate plan? Contact us for a consultation.
Already a client? Consider becoming a Client Member.
Our Client Membership program is the easiest way to make sure that your plan adapts and evolves as you move through life.
Learn more about the benefits of becoming a Wills & Wellness Client Member.