National Regifting Day: What Estate Planning Teaches Us About the Gifts You Can Update, Reuse, or Can’t Take Back

Every December, National Regifting Day offers a light-hearted reminder that some gifts can be passed along, rewrapped, or reimagined. Estate planning works in a similar way. Some parts of your plan are flexible and can (and should) be updated over time. Others have a short “return window” and are harder to change. And some become final once completed. At HWK Law Group, serving clients throughout Maryland and Florida, we help families understand which parts of their estate plan can be revised, which are more difficult to modify, and which become permanent so your plan always reflects your life, goals, and intentions.

Regiftable Assets: The Parts of Your Estate Plan You Can Update

Throughout your lifetime and as long as you have legal capacity, many elements of your estate plan remain flexible. Think of these as “regiftable” tools that can adapt as your family grows or circumstances shift.

Wills

You can revise your will to update beneficiaries, adjust distributions, or appoint new guardians for minor children.

Beneficiary Designations

Retirement accounts, life insurance policies, annuities, and payable-on-death (POD) accounts allow you to update beneficiaries at any time. This is one of the simplest but most overlooked ways to keep your plan current.

Revocable Living Trusts

As long as you are competent, you can modify the terms, beneficiaries, trustees, or distribution instructions of your revocable trust.

Powers of Attorney & Healthcare Directives

These documents can be changed or revoked before incapacity. Updating them ensures the right people are empowered to make financial or medical decisions on your behalf.

Lifetime Gifts & Charitable Strategies

Certain vehicles such as donor-advised funds or revocable charitable trusts allow for adjustment. However, once an irrevocable gift is made, it typically cannot be undone.

Harder to Change: When the “Return Window” Is Limited

Some estate planning structures can be revised in limited circumstances, but doing so is more complex and must be handled with care.

Irrevocable Trusts

Usually, irrevocable trusts cannot be altered. However, Maryland and Florida do allow certain modifications using tools such as trust decanting, court petitions, or trust protector provisions, though these options are not guaranteed.

Revocable Trusts After Incapacity or Death

Once the grantor loses capacity or passes away, a revocable trust typically becomes irrevocable. The terms are essentially locked in, aside from any built-in flexibility or trustee discretion.

No Returns: The Estate Planning “Gifts” That Are Final

Some actions are permanent once completed. These should be approached with thoughtful guidance and intentionality.

Final Distributions to Beneficiaries

Once assets have been distributed according to your plan, they generally cannot be reclaimed.

Completed Lifetime Gifts or Recorded Deeds

Once a gift is delivered or a property deed is recorded, it is almost always irrevocable.

Leaving a “Receipt in the Bag”: Giving Loved Ones Clear Guidance

A successful estate plan doesn’t just distribute assets, it also provides clarity.

Just as a gift is easier to appreciate with a note or instructions, your estate plan should include tools that help your loved ones carry out your wishes:

• Personal letters explaining the meaning of sentimental items

• Guidance for trustees or executors, including multistate property considerations

• Trust protectors or advisors who can offer oversight when appropriate

• Backup beneficiaries to prevent delays or unintended outcomes

• Organized, accessible records, passwords, and document locations

These additional layers of communication can prevent disputes, ease administration, and ensure that your intentions are fully understood.

Estate Planning Etiquette: Avoiding Mistakes and Misunderstandings

Regifting comes with etiquette and so does estate planning. To prevent legal or emotional conflict, consider these best practices:

• Choose beneficiaries and bequests thoughtfully

• Keep updates consistent, private, and properly documented

• Anticipate points of potential conflict and plan around them

• Explain the “why” behind major decisions

• Provide inventories, letters of instruction, or memoranda

• Review your plan regularly. Especially if you split time between Maryland and Florida, where laws may differ

A well-maintained estate plan keeps families informed, supported, and protected.

A Meaningful Holiday Gift: Peace of Mind

The most valuable gift you can give your loved ones is clarity. Whether you need to update an outdated document or create a new estate plan from scratch, National Regifting Day is a thoughtful reminder that plans should be refreshed over time.

At HWK Law Group, we encourage clients to schedule a year-end estate planning review to ensure your plan is current, flexible, and aligned with your long-term goals, no matter how life changes.

Your legacy deserves care. Your family deserves certainty. We are here to help.