The holidays can be a natural time to address estate and legacy planning while family members are gathered. A few updates or conversations now can prevent significant complications later.

Review Beneficiary Designations

Retirement accounts, life insurance policies, and annuities pass by beneficiary designation, which generally supersedes a will. Confirm names, percentages, and contingent beneficiaries are current after marriages, divorces, births, or deaths.

Update Core Documents

Ensure your will or trust, durable power of attorney, and healthcare directive (living will / advance directive) reflect current wishes. Name appropriate agents and alternates.

Discuss Location of Documents

Make sure key family members or your executor know where documents are stored and how to access digital accounts if needed. Consider a simple inventory of important assets and accounts.

Consider Annual Gifting

The 2026 annual exclusion of $19,000 per recipient provides a straightforward way to transfer wealth during life. Larger lifetime gifts may also be considered given the current $15 million exemption, but professional advice is essential.

Talk About Healthcare and End-of-Life Wishes

While sensitive, clarifying preferences for medical care reduces the burden on loved ones during difficult times.

If your estate is complex or you own a business, involve your attorney and advisor for coordinated planning. Even simple estates benefit from periodic reviews.

Sources: IRS gift and estate tax figures for 2026 (Rev. Proc. 2025-32); general estate planning principles.

Disclaimer: This article is educational and not legal advice. Estate planning documents should be prepared or reviewed by a qualified attorney in your state.