At the beginning of the year, your New Year’s resolution may have been establishing a solid estate plan. As the year winds down, you may be proud of yourself for checking this major task off your list. However, just because you created and enforced these documents does not necessarily mean they are finalized. That is, part of your resolution should also be to reassess these documents regularly, ideally before the new year rolls around. With that being said, please continue reading to learn why you should review your estate plan at year-end and how one of the experienced Butler County estate planning attorneys at Heritage Elder Law & Estate Planning, LLC, can evaluate it alongside you.

Why should I review my estate plan every year?

On a grander scale, there may be annual updates to federal and state estate tax exemptions. For example, the federal estate tax exemption for 2025 is $13,99 million per individual, while in 2024 it was $13.61 million. Even though Pennsylvania does not impose a state estate tax exemption, there is an inheritance tax. And while there have been no recently enacted changes to the rates, several bills are currently under consideration in the state legislature, which you should closely follow to see if any will be passed into law.

This is important to review because it may affect how much of your estate is subject to taxation. Namely, if you do not adjust your estate plan and it now exceeds the federal estate tax exemption limit, your beneficiaries may face unexpected tax liability. Subsequently, they may receive less of an inheritance than you initially intended. And so, a year-end checkup may ensure that you maximize your tax-free gifts and charitable donations.

What life events should trigger a year-end checkup?

On a personal level, you may have undergone significant life changes in the past 365 days. With such changes, the wishes you initially expressed in your estate planning documents may no longer make sense. You may have spent a lot of time personalizing your estate plan, but even so, you may not recall every last detail in its terms and conditions. So, as a general rule of thumb, it is in your best interest to do a year-end checkup on your estate plan if you have experienced any of the following life events:

  • You have gotten married, remarried, separated, or divorced.
  • You have become the owner of a new pet(s).
  • You have welcomed new children, grandchildren, stepchildren, or stepgrandchildren into your family.
  • You have become estranged from a particular family member, or they have sadly passed away this year.
  • You have moved to a different state or purchased a new real estate property in a different state.
  • You have acquired high-value assets or sold certain assets to relieve some of your incurred debts.

No matter what specific estate planning matter you are currently dealing with, one of the skilled Butler County estate planning attorneys at Heritage Elder Law & Estate Planning, LLC, is willing and able to step in and facilitate the process. Retain our legal services today.