17 Feb Six Estate Planning Goals to Set in 2026
Will 2026 be the year that you finally put your estate plan together? Most people aren’t sure where to start, or what they need to do besides writing a will. But it’s important not to put off this very important task. Estate planning can help you protect your loved ones, preserve your wealth, and ensure that your wishes are honored.
Here’s a quick checklist to get you started:
- Write your will and get it witnessed.
- Select guardians for any minor children.
- Check your beneficiary designations.
- Fill out healthcare directives and/or designate a power of attorney.
- Minimize estate tax exposure.
- Set up a trust or LLC to protect your assets.
Let’s go over each step in more detail.
Step 1: Write Your Will
A legal will is the foundation of every estate plan. In your will, you can name beneficiaries for your assets, guardians for your dependents, and an “executor” who will carry out your instructions.
But in order for your will to work, you need to make sure that it’s legally valid. Meeting with an estate planning lawyer is the best way to verify that all the wording is correct and that the document is witnessed appropriately.
Step 2: Name Legal Guardians for Your Children
If you have young children, selecting a legal guardian for them is the most critical estate planning decision. Without a designated guardian, the court gets to decide who will raise your kids, and that decision might not align with your wishes.
When choosing a guardian for your children, you’ll want to select someone who is financially stable and physically capable of caring for them. But it’s just as important to choose someone who shares your values and has already established a positive relationship with your children.
Naming an alternate guardian is a good idea as well. That way, if your first choice is unavailable, there is a clear backup plan in place. You should also consider choosing different people to manage financial matters versus providing day-to-day care.
Step 3: Check Your Beneficiary Designations
Some accounts, like life insurance policies and retirement funds require you to name a beneficiary. But when was the last time you checked those designations? Far too often, these valuable assets have an ex-spouse or a deceased relative listed as the beneficiary.
You can also use beneficiary deeds to transfer ownership of bank accounts and titled assets like your vehicle or your family home. This is an easy way to keep those assets out of probate and make sure that your loved ones gain access as soon as possible.
Step 4: Fill Out Healthcare Directives and/or Power of Attorney Forms
Healthcare directives are another very important aspect of estate planning. In Arizona, you can have both a living will that outlines your preferences for end-of-life care, and a healthcare power of attorney that gives someone you trust permission to make medical decisions on your behalf if you’re ever incapacitated.
Without a living will and a healthcare power of attorney, your family may be left to face tough decisions during extremely difficult times. Not only that, but medical personnel can refuse to share info under HIPAA. However, healthcare directives remove this burden and guarantee that your wishes are known and respected.
Step 5: Reduce Your Estate Tax Exposure with Strategic Planning
Even though Arizona does not impose estate taxes, sizable estates are still subject to the federal estate tax. In 2026, tax planning is even more critical as proposed legislation could reduce federal exemptions. Our estate tax planning services can help you reduce the size of your taxable estate so that more of your wealth is preserved for your heirs.
Strategies to minimize exposure include:
- AB trusts for married couples
- Lifetime gifting
- Charitable remainder trusts
- Family limited partnerships
6: Protect Your Assets from Potential Threats
If you own a home, run a business, or work in a high-liability profession, protecting your assets should be one of your main goals. Asset protection must be established before any claims arise. Post-lawsuit protection is too late, as well as potentially fraudulent.
The state of Arizona offers homestead exemptions and protections for retirement accounts, but both have limits. For stronger protection, consider domestic asset protection trusts, LLCs for real estate or business holdings, or family limited partnerships.
Take Action on Your 2026 Estate Planning Goals
Setting clear estate planning goals is a great start, but following through will take a lot more work. The most important thing to remember is that you don’t have to do it alone. Our firm specializes in estate planning law, and we’ve been in practice for over 40 years.
Don’t wait another year to protect what matters most. Contact Phelps LaClair to schedule a free consultation in Mesa, Chandler, Tucson, or one of our other Phoenix area locations.
Photo by Glenn Carstens-Peters on Unsplash used with permission under the Creative Commons license for commercial use 2/14/26.