2026 is well underway, and it’s the perfect time to review your estate plan. Life evolves, and so should your plans for the future.
An estate plan is not a one-time task. It may need adjustments as your life circumstances evolve and change. Reviewing your plan ensures it still reflects your current wishes and aligns with any recent changes in the law.
Without periodic evaluation, you risk leaving outdated instructions or gaps in your plan. These oversights could lead to unnecessary complications or disputes for your loved ones. A review gives you the opportunity to confirm that every detail is in place.
Addressing Changes in Tax Laws
Estate tax laws often fluctuate, and that requires specific considerations for higher net-worth individuals. The current federal estate tax exclusion is $15 million per individual in 2026 ($30 million for married couples), following the passage of the One Big Beautiful Bill Act in July 2025, which raised and permanently extended the exemption. Unlike prior law, this amount does not carry a sunset provision and will continue to be adjusted annually for inflation.
These figures are subject to change via legislative mandate, and this is one reason to review your plan regularly.
Reflecting on Life Changes
Significant life events may have occurred since you last updated your estate plan. Perhaps you’ve welcomed a new child or grandchild, experienced a marriage or divorce, or acquired new assets. Any of these events could necessitate changes to your plan.
Similarly, if any individuals named in your plan – such as guardians, trustees, or beneficiaries – are no longer suitable, this is the time to make adjustments. Keeping your plan current with your life ensures it will function as intended when needed.
Reviewing Beneficiary Designations
Many people forget that assets like retirement accounts, life insurance policies, and payable-on-death accounts pass directly to named beneficiaries. These designations often override the instructions in your will or trust.
An estate plan review allows you to confirm that all beneficiary designations are up to date. If any names need to be added or removed, this is the moment to address those changes.
Aligning these designations with your overall plan prevents conflicts and ensures your assets go to the intended recipients.
Updating Healthcare and Financial Directives
Incapacity planning is a critical part of your estate plan. Your living will and durable powers of attorney for healthcare and property should reflect your current preferences and trusted representatives.
If you’ve had any changes in your health or relationships, it’s wise to revisit these documents. For instance, if a named agent is no longer available or trustworthy, appointing a new representative ensures your needs will be met if you become unable to make decisions.
Ensuring Your Trust Is Properly Funded
If you’ve established a living trust, verifying that it’s properly funded is essential. Funding your trust involves transferring ownership of assets like real estate, business entities, and investments into the trust’s name, or adding the trust as a beneficiary on your financial accounts.
Without proper funding, your trust won’t achieve its intended purpose of avoiding probate and streamlining asset distribution. Reviewing your estate plan in allows you to confirm that all necessary assets are properly included, and any newly acquired assets are added.
Planning for Long-Term Care
Healthcare costs, including long-term care, remain a concern for many individuals. As Medicare doesn’t cover most forms of custodial care, considering Medicaid planning strategies is vital.
If you haven’t explored options like a Medicaid trust or other tools to protect assets while qualifying for benefits, this review is the ideal time to do so. Consulting an OKC elder law attorney can help you incorporate these strategies effectively.
Preparing for the Unexpected
An estate plan review is also a chance to prepare for the unexpected. Life is unpredictable, and circumstances can change quickly. Ensuring your plan is comprehensive and up to date gives you and your loved ones peace of mind.
This review can include discussions with your family about your plans. Open communication can prevent misunderstandings and set clear expectations, reducing the likelihood of conflicts.
Schedule a Consultation Today!
Our doors are open if you are ready to work with an Oklahoma City estate planning lawyer to review your plan. You can call us at 405-843-6100 to schedule a consultation appointment, and you can alternately use our contact form send us a message.
If you’re in the Tulsa area, our location there can be reached at 918-615-2700.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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