Estate planning is an opportunity, not just an obligation. A thoughtful, up-to-date estate plan is one of the most powerful ways to extend your values and financial independence to the next generation. With new laws in play, reviewing your plan now ensures you’re making the most of every opportunity.
Economic shifts, political changes, and evolving tax laws, like the recently passed One Big Beautiful Bill Act (OBBBA), can all impact your estate strategy. Proactively revisiting your plan can help safeguard what you’ve built and ensure your legacy stays aligned with your intentions, no matter how the landscape changes.
Why Reviewing Your Estate Plan Matters
If you already have an estate plan in place, that’s a strong step forward. But like every good plan, it works best when it evolves with you. As your financial picture grows, relationships shift, and laws change, a periodic review ensures your strategy continues to reflect your goals and priorities.
Life doesn’t stand still, and neither should your estate plan. Milestones like marriage, welcoming a grandchild, moving to a new state, or selling a business can all reshape how your plan should be structured. Some changes are easy to spot, but others, like shifting family dynamics or outdated beneficiary designations, can quietly move your plan out of alignment.
It’s worth noting that beneficiary forms on retirement accounts, life insurance policies, and transfer-on-death accounts typically take precedence over what’s written in a will or trust. Keeping these documents in sync ensures your intentions are carried through clearly, without surprises or unintended outcomes. [1]
We recommend reviewing your estate plan every three to five years, or sooner if a major life event occurs or if laws affecting estate planning change. Think of it as an ongoing process rather than a one-time task—an opportunity to keep your legacy aligned with what matters most to you.
OBBBA: What It Means for Your Estate Plan
The OBBBA, signed into law on July 4, 2025, introduces significant tax changes, many of which could influence your estate planning strategy. Most notably, the estate and gift tax exemption has been permanently increased to $15 million per individual, or $30 million for married couples, a level that exempts most Americans from the federal estate tax. [2]
On the surface, this may lead some to believe estate planning is now less urgent. But in reality, the opposite may be true. Higher exemptions create unique opportunities to transfer appreciating assets out of your estate while it remains advantageous to do so, preserving more wealth for future generations.
The long-term impact of OBBBA is still unfolding. Its passage was politically contentious, and while some anticipate broad economic growth, the actual effects remain to be seen. If the law fosters growth as intended, families with strong financial foundations may see their estates grow significantly, potentially moving closer to, or even surpassing, the new exemption threshold. [2]
This makes proactive planning an essential part of financial stewardship. A well-crafted estate plan can help ensure your wealth continues to support the people and causes you care about, regardless of how the law evolves. And if political shifts lead to future changes, such as a reduced exemption or new taxes, you’ll be better positioned to adapt.
OBBBA also adds complexity to the tax code with sunset provisions, income-based phaseouts, and targeted benefits. As a result, estate planning today is more connected than ever to income, business, and charitable planning. In this environment, staying informed and keeping your plan current isn’t just about minimizing taxes; it’s about protecting your legacy with clarity and confidence.
Checklist for Estate Planning Documents
A strong estate plan is built on more than just good intentions; it’s backed by clear, well-constructed documents. Without proper documentation, even the best-laid plans can fall short of your wishes. While a will is an important starting point, a comprehensive estate plan typically includes a variety of documents that work together to protect your assets, guide your decisions, and ease the process for your loved ones.
To keep your plan effective and aligned with your goals, it’s smart to review these documents regularly—about every three to five years—or any time you experience a significant life event, such as marriage, divorce, a move, selling a business, or welcoming a new child or grandchild.
Below is a general checklist to help guide your review. It’s not exhaustive, as every family’s needs are unique. Factors like your state’s laws, personal circumstances, and the types of assets you hold may influence what’s right for you. Be sure to work with your financial advisor and estate planning attorney to tailor a strategy that fits your specific situation.
Will
Confirm that you’ve named an executor and a backup executor, and make sure each is still someone you trust to handle your affairs.
Confirm that you’ve named a guardian and a backup guardian for any minor children, and ensure each is still an appropriate choice.
Confirm that your beneficiaries are current and reflect any changes in your relationships, family structure, or intentions.
Consider adding a legacy letter or “ethical will” outlining the values, family history, or personal messages you wish to pass down.
Review and update the list of your assets, their locations, and how you want them distributed.
Trust
Confirm that you’ve named a trustee and successor trustee, and that these individuals or institutions still align with your wishes.
Review the trust’s structure and distribution strategy—do you want beneficiaries to receive assets outright, at specific ages, or in structured payouts?
If you have younger beneficiaries, consider adding safeguards to ensure they receive assets when they are financially and emotionally prepared.
Revisit any parameters or special provisions to ensure they still reflect your values and goals.
Decide whether you’d prefer a professional trustee (e.g., attorney, accountant, bank, or trust company) to manage the trust.
Consider funding the trust now to reduce probate exposure and streamline asset transfers.
If privacy is a concern, confirm that you’ve structured your plan to minimize court involvement and public record exposure.
Evaluate whether transferring appreciating assets into irrevocable trusts now—under the elevated exemption limits—may help reduce future estate tax exposure and protect generational wealth.
Durable Power of Attorney
Confirm that you’ve designated someone to manage your financial affairs in the event of incapacity, and that this person still aligns with your preferences.
Review the specific powers granted and make updates as needed.
Keep in mind, your durable power of attorney can control, sell, or distribute assets while you are living.
Healthcare Power of Attorney
Confirm that you’ve named a trusted individual to make medical decisions on your behalf if you become unable to do so.
Review and update your documented wishes regarding life-sustaining treatment, including specific instructions for various medical scenarios.
Consider whether you want to add or update a Do Not Resuscitate (DNR) order.
Miscellaneous Estate Planning Documents
Review and update the beneficiary designations on all life insurance policies.*
Review and update beneficiary designations on all retirement accounts.*
Review and update any transfer-on-death (TOD) or payable-on-death (POD) designations for bank and investment accounts.*
Leave clear instructions for how to manage digital assets—online accounts, cloud storage, websites, email, and social media profiles.
Review contingency plans for any businesses you own, including succession, control, and asset distribution.
Revisit your business entity structure in light of OBBBA provisions affecting Qualified Business Income (QBI) deductions, SALT workarounds (PTET), and other income-related considerations that may affect your estate or trust planning.
Consider whether asset protection strategies are appropriate, especially given political considerations and the potential for future legal disputes.
* Keep in mind that beneficiary designations typically supersede instructions in a will or trust. Ensure these documents are reviewed together to prevent conflicts or unintended outcomes.
Estate Planning Next Steps
Estate planning is never truly finished; it’s a thoughtful, ongoing process. As your life evolves, so should your plan. Changes in family, finances, and laws like the OBBBA can all impact how effectively your estate plan supports your legacy and the people you care about.
This checklist is designed to help you identify areas that may need attention and serve as a practical guide to keeping your plan up to date. To ensure everything works in harmony, coordinate with your estate planning attorney, financial advisor, and accountant. Together, they can help align all the moving pieces with your goals.
If it’s been several years since you last reviewed your estate documents—or if life has brought significant changes—this is a great time to revisit your plan. Updating it now ensures your intentions remain clear and that your wealth continues to reflect your values. It’s a proactive step that offers peace of mind for you and lasting clarity for your loved ones.
If you’re ready to take a fresh look at your estate plan, or you aren’t sure where to start, we’re here to help you navigate the process with clarity and confidence. Reach out to get on our calendar.
Sources:
1. https://www.findlaw.com/forms/resources/estate-planning/what-is-a-beneficiary.html
The Hatlestad Group is an independent wealth management firm based in Edina, Minnesota, primarily serving successful head-of-household women, late-career executives, and pre-retirees. With a tailored approach to fee-only comprehensive wealth management, they empower clients to live out their next chapter with vision, wisdom, and resources, creating a purposeful and meaningful future. They can be reached by phone at (763) 259-3637, via email at info@thehatlestadgroup.com, or by visiting their website at thehatlestadgroup.com.
This material has been prepared in collaboration with Crystal Marketing Solutions, LLC, and has been edited with the assistance of artificial intelligence tools. The information presented is based on sources believed to be reliable and accurate at the time of publication. This material is for educational purposes only and does not necessarily reflect the views of the author, presenter, or affiliated organizations. It should not be construed as investment, tax, legal, or other professional advice. Always consult a qualified professional regarding your specific situation before making any decisions.