Erin L. Nunes, Esq. Managing Partner
The start of a new year naturally encourages us to reflect, set new goals, and get our affairs in order. While you might be focusing on fitness or financial budgets, January is also the perfect time for a crucial task: giving your Estate Plan a comprehensive checkup.
Estate planning is an act of care for your loved ones, ensuring your wishes are honored and reducing potential burdens on your family. As we begin 2026, let’s look at the key steps you should take now to ensure your plan is up-to-date and effective.
1. Review Your Key Documents
Gathering your documents is the first step in your annual checkup. Your estate plan is more than just a Will; it includes documents designed to protect you during your lifetime as well as your loved ones after your passing.
- Will or Trust (revocable and irrevocable): Do these documents accurately reflect your current wishes for asset distribution? Have you acquired new, valuable assets that need to be addressed?
- Durable Power of Attorney: Does the person you named as your agent still have the capacity and willingness to serve? This document allows your agent to manage your legal and financial needs if you become incapacitated.
- Health Care Proxy & Advance Directive: Do your appointed agents still know your latest medical wishes? Have your views on end-of-life care changed? Discussing these matters with your agent is vital.
- Irrevocable Trust: Are your assets protected from the cost of long-term care?
2. Check Your Beneficiary Designations
This is one of the most common and easily overlooked mistakes in estate planning. For assets like Life Insurance Policies, Retirement Accounts (IRAs, 401(k)s), and Annuities, the beneficiary forms on file with the institution will override anything written in your Will.
- Audit your accounts: Call your financial institutions to confirm who is listed as your primary and contingent beneficiary.
- Reflect life changes: A marriage, divorce, death in the family, or the birth of a new grandchild can completely change who you intend to inherit your assets. Make sure your forms reflect your current family circumstances.
3. Account for 2026 Legislative Updates
Estate and elder law are always subject to change, often with new rules taking effect in January. While major federal tax law changes (like the potential sunset of the high federal estate tax exemption) often receive attention, it’s also important to be aware of other updates:
- Social Security & Taxes: New Cost-of-Living Adjustments (COLA) for Social Security and potential changes to tax deductions for seniors may impact your overall financial picture and any planning related to gifting or asset protection.
- Medicaid/Long-Term Care Planning: State and federal eligibility rules for long-term care programs like Medicaid can shift. If you have concerns about protecting assets from long-term care costs, January is the time to review the latest guidelines with an Elder Law Attorney.
4. Organize Your Records & Digital Assets
The New Year is a great motivator for organization. Make it easier for your personal representative (executor) and agents by ensuring they can find what they need.
- Create a Master List of all your assets (bank accounts, investments, real estate), debts, and professional contacts (attorney, financial advisor, CPA).
- Don’t forget Digital Assets: Do your loved ones know how to access your online accounts, social media profiles, or digital files? Specific instructions for digital assets can prevent major complications.
These are perfect resolutions to keep. You don’t have to tackle this alone. Our firm is here to help you review your current plan, make necessary updates for 2026, and achieve the peace of mind that comes with knowing your family and legacy are protected.
©Surprenant & Beneski, P.C. 35 Arnold Street, New Bedford, MA 02740, 336 South Street, Hyannis MA 02601 and 45 Bristol Drive, Easton MA 02375. This article is for illustration purposes only. This article does not constitute legal advice. There is no attorney/client relationship created with Surprenant & Beneski, P.C. by this article. DO NOT make decisions based upon information in this article. Every family is unique and legal advice can only be given after an individual consultation with an elder law attorney. Any decisions made without proper legal advice may cause significant legal and financial problems.
