Before the Year Ends: 7 Estate Planning Steps to Put on Your 2026 Checklist

As 2026 approaches its final months, many families are focused on holiday preparations, financial goals, and plans for the new year. While reviewing your finances and organizing your household may already be on your year-end checklist, there is another important area that deserves your attention: your estate plan.

Estate planning is not something you should prepare once and forget. Your family, finances, assets, and priorities can change over time. A plan that reflected your wishes several years ago may no longer provide the protection or direction you need today.

Whether you already have an estate plan or have not yet taken the first step, the end of the year offers a valuable opportunity to review your arrangements and address anything that may have been overlooked.

At Reflections Life Planning LLC®, we encourage individuals and families to approach estate planning as an ongoing process. Here are seven important steps to consider before 2026 comes to a close.

1. Review Your Existing Estate Planning Documents

Start by locating and reviewing your current estate planning documents. These may include your Last Will and Testament, revocable living trust, financial power of attorney, advance medical directive, and other documents designed to address your personal and financial wishes.

Ask yourself whether these documents still reflect your intentions.

Have your wishes changed? Have you experienced a major life event? Are the people you selected to carry out your wishes still appropriate choices?

An estate plan should reflect your current circumstances, not simply the circumstances you had when the documents were originally prepared.

If you do not have an estate plan, consider making this the year you begin. Waiting until a health emergency or unexpected event occurs may limit your ability to make important decisions for yourself.

2. Update Your Beneficiary Designations

Beneficiary designations are among the most commonly overlooked parts of estate planning.

Retirement accounts, life insurance policies, and certain financial accounts may transfer directly to the individuals named as beneficiaries, depending on the account and applicable law. These transfers may occur independently of the instructions in your will.

Review the beneficiaries listed on your accounts and policies. Make sure the information is accurate and reflects your current wishes.

Consider whether a named beneficiary has passed away, whether your family circumstances have changed, or whether a contingent beneficiary should be added.

It is also important to understand that naming a minor child directly as the beneficiary of certain assets can create complications because minors generally cannot manage inherited property independently.

If you have a trust or other estate planning arrangement, discuss how your beneficiary designations should be coordinated with that plan.

A beneficiary review may seem like a small administrative task, but it can have a significant impact on how certain assets are transferred.

3. Review Who You Have Chosen to Make Decisions for You

Estate planning is not only about what happens after death. It also addresses what happens if you become unable to make decisions during your lifetime.

Your financial power of attorney and advance medical directive may identify individuals who can assist with financial or healthcare decisions under the circumstances permitted by the documents and applicable law.

Take time to reconsider the people you have selected.

Is your financial agent still available and capable of handling the responsibility? Does your healthcare agent understand your wishes? Are there alternate individuals named in case your first choice cannot serve?

These appointments should be made carefully. The people you select should be trustworthy, responsible, and willing to act in your best interests.

If your existing documents no longer reflect your preferences, consult an estate planning attorney about making appropriate changes.

4. Confirm That Your Assets Are Properly Coordinated With Your Estate Plan

Creating a trust is an important step for some families, but signing the trust document alone may not accomplish every planning objective.

Certain assets may need to be transferred into the trust or otherwise coordinated with it. This process is commonly referred to as trust funding.

Review how your real estate, financial accounts, and other assets are titled. If you have established a revocable living trust, determine whether the appropriate assets have been transferred or whether additional steps are necessary.

Also consider newly acquired property, recently opened accounts, and changes in ownership that may have occurred during the year.

Remember that not every asset should necessarily be titled in the name of a trust.

Retirement accounts, for example, often require separate beneficiary planning. The appropriate approach depends on the type of asset, your goals, and applicable law.

A properly coordinated estate plan can help ensure that your documents and asset ownership work together rather than create conflicting instructions.

5. Revisit Guardianship and Plans for Minor Children

If you have minor children, their care should remain an important part of your estate planning review.

Consider whether your will identifies the person you would want to serve as guardian if both parents were unable to care for the children. Think about whether your original choice is still appropriate and whether an alternate should be considered.

You should also review how assets intended for your children would be managed if they inherited while still minors.

Depending on your circumstances, a trust or another appropriate arrangement may provide instructions for managing assets and distributing them according to your wishes.

These decisions deserve thoughtful consideration. The person you trust to care for your children may not necessarily be the person you would choose to manage their inheritance.

Taking time to address these issues can help provide greater direction for the people who may one day need to carry out your wishes.

6. Consider Changes in Your Family, Finances, and Business

Major life events can affect your estate plan in ways you may not immediately recognize.

Marriage, divorce, the birth of a child or grandchild, the death of a loved one, a significant inheritance, the purchase or sale of real estate, and changes in your financial circumstances may all warrant a review.

Business owners should also consider whether their estate plan addresses business succession. If you own a business, ask what would happen to your ownership interest if you became incapacitated or passed away.

Would someone be authorized to manage the business? Have you identified who should receive your ownership interest? Are your estate planning documents consistent with any existing operating agreements, shareholder agreements, or buy-sell arrangements?

Your personal estate plan and business planning should work together where appropriate.

The end of the year is a good opportunity to identify changes that may require professional attention.

7. Organize Your Important Documents and Communicate With Your Loved Ones

Even a carefully prepared estate plan may be difficult for your family to use if no one knows where the documents are located.

Take time to organize your important records. This may include your estate planning documents, insurance policies, property records, financial account information, and contact information for your attorney and other professional advisors.

Keep sensitive information secure and make sure the appropriate trusted individuals know how to locate relevant documents when necessary.

You should also consider having a conversation with the people you have selected to serve as your executor, trustee, financial agent, or healthcare decision-maker. They should understand that you have selected them and be willing to accept the responsibilities involved.

You do not have to share every personal or financial detail. However, communicating your general wishes and explaining where important information can be found may help prevent unnecessary confusion later.

Do Not Let Another Year Pass Without Reviewing Your Plan

Estate planning is easy to postpone. It may feel uncomfortable, time-consuming, or less urgent than the responsibilities competing for your attention.

But preparing for the future is an important part of protecting what matters today.

A year-end review does not necessarily mean you need to replace your entire estate plan. Sometimes, a review confirms that your documents remain appropriate. Other times, it reveals outdated information, missing documents, or changes that deserve attention.

The important thing is to make sure your plan continues to reflect your wishes and your family's needs.

As you prepare your goals for 2027, consider adding estate planning to your year-end priorities. A little attention now may help your loved ones avoid uncertainty and give you greater confidence that important decisions have been addressed.

Final Thoughts: Make Estate Planning Part of Your Year-End Routine

Before the year ends, take a moment to consider what you have built, who you want to protect, and whether your current arrangements reflect your intentions.

Your estate plan should do more than document what happens to your assets. It should address who can act on your behalf, how your wishes will be communicated, and how the people you love can be protected.

At Reflections Life Planning LLC®, we believe thoughtful estate planning is an important part of preparing for life's uncertainties. Whether you need to create an estate plan or review documents you already have, taking action before the end of 2026 is a meaningful step toward protecting your legacy.

Do not wait for a major life event to remind you that your estate plan needs attention. Make reviewing your plan part of your 2026 year-end checklist.

Disclaimer: This article is provided for general informational purposes only and should not be construed as legal, tax, financial, or insurance advice. Estate planning laws and strategies vary based on individual circumstances and applicable law. The information provided does not create an attorney-client relationship. Please consult with a qualified estate planning attorney regarding your specific circumstances and planning needs.

This article is a service of Reflections Life Planning LLC®. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That is why we offer a Life & Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.