As 2026 begins, many Utah residents are beginning to hear about the One Big Beautiful Bill and may wonder how it will affect their estate planning. While the name is informal, the bill includes sweeping tax and planning provision changes that can influence how your wealth is protected, transferred, and taxed at federal levels.
For anyone with an estate plan or those who are considering starting the process in 2026, this federal update is a wonderful reminder that estate planning isn’t a one and done deal. Your plan should evolve with laws, finances, and family changes. In this blog, we’ll break down what the One Big Beautiful Bill may mean for Utah residents, and what steps to consider taking this year.
A Quick Overview of the One Big Beautiful Bill
The One Big Beautiful Bill was designed to make major updates and changes to existing federal tax policy, exemptions, and long-term wealth planning. While not all of these changes will apply directly to estate planning, several elements are relevant to Utah residents with homes, retirement accounts, businesses, and investment assets.
At its core, the One Big Beautiful bill changes tax rules, simplifying some processes and shortening the timeframes for some estate planning strategies. For families, this can mean new opportunities in some areas and new limits in others. Even if you don’t believe you have a large estate, these federal changes can still affect how your assets are handled.
These changes are especially impactful when they overlap with Utah’s own estate planning laws. If your estate plan was created before 2024, it may no longer line up with the rules under the One Big Beautiful Bill. That is a good reason to check in with your estate planning attorney and see whether updates are needed to keep your plan working the way you expect.
How Federal Changes Interact with Utah Estate Planning Law
Utah residents have a few advantages when it comes to estate planning. The state does not charge an estate tax or inheritance tax. However, federal estate and gift tax laws still apply, and those are the rules affected by the One Big Beautiful Bill. When federal laws change, it can impact many of the estate planning strategies Utah families commonly rely on.
For example, changes to gift limits or estate tax thresholds may mean certain trusts no longer work the way they once did. If your plan was built around high exemption amounts in previous years, it may be time to take another look. Updates to how married couples can share exemptions and how assets are valued can also alter your plan.
Utah estate plans are usually designed to work smoothly with federal rules and local laws around probate, guardianship, and property. When a federal law like the One Big Beautiful Bill changes the rules, even well crafted plans may need a few adjustments to stay effective and fully up to date.
Key Estate Planning Provisions in the One Big Beautiful Bill
There are several changes in the One Big Beautiful Bill that can directly affect your estate plan. While the overall impact will vary from person to person, some of the most common changes Utah residents may notice include:
- The amount of money you may give your loved ones during your lifetime or after your death without triggering taxes may change, either going up or down.
- Some trust strategies, especially regarding irrevocable trusts, may come with more limits or rules than were previously in place.
- There may be more paperwork and reporting required, which makes careful record keeping and professional help even more important.
- Temporary tax rules from earlier laws may be extended, changed, or replaced, which can affect long term plans you may have been counting on.
These changes encourage proactive planning instead of putting it off. If you choose to put off estate planning until a health event occurs or you experience an unexpected loss, you may find that there are fewer options available than you hoped.
What This Means for Families, Businesses, and Retirees
How these changes affect your household will depend on your concerns, current living arrangement, and your estate plan designations. If you have young children, guardianship designations and trust funding may need to be revisited to ensure your assets are accessible and protected.
If you’re a retiree, changes to minimum distribution rules and beneficiary changes can impact your existing plan. Utah business owners should be paying especially close attention to the changes caused by the One Big Beautiful Bill. Succession planning, valuation discounts, and buy-sell agreements may be impacted by changes.
Now may be the right time to talk to your attorney about whether your plan still aligns well with tax efficiency and long-term goals. Even if your plan seems simple, it’s still best to talk to an attorney. Any shift in federal rule changes can create major consequences for you and your loved ones, so it’s best to review these changes with someone who understands the law.
Steps to Update Your Estate Plan in 2026
While you may be worried about changes caused by the One Big Beautiful Bill, it’s best not to panic. Instead, now is the time to perform a thorough review of your existing plan and make changes that can help your loved ones avoid costly mistakes when you’re gone. When updating your plan this year, consider the following:
- Review your wills, trusts, and power of attorney, to identify outdated language or assumptions.
- Confirm that beneficiary designations on retirement accounts and insurance policies still align with your plan.
- Reevaluate gifting strategies in light of updated exemption amounts and reporting requirements.
- Talk with a Utah estate planning expert who understands how federal changes interact with state laws.
Laws change, families grow, and financial goals evolve. The bill is a great reminder to keep your plan current to ensure your wishes are honored and your loved ones are protected from unexpected taxes and major delays when you’re gone.
Let Us Help You Update or Start Your Estate Plan This Year
The One Big Beautiful Bill isn’t just a headline; it’s a reminder that you should always update your estate plan. Allowing your plan to sit untouched for decades can spell major problems for your loved ones. Whether you’re considering updating your existing plan or starting the estate planning process this year, our team at Bishop Estate Law is here to help. With our team on your side, you can trust that your new plan will protect your loved ones and legacy.
If you would like to learn more or schedule an estate planning appointment, don’t hesitate to contact our team today.