Recent data from the James Webb Space Telescope allow a first glimpse of galaxies at z ≳ 11. The most successful tool for identifying ultra-high-redshift candidates and inferring their properties is photometric template fitting. However, current methods rely on templates derived from much lower-redshift conditions, including stellar populations older than the age of the Universe at z > 12, a stellar initial mass function that is physically disallowed at z > 6, and weaker emission lines than currently observed at z > 7.5. Here, two sets of synthetic templates, optimized for the expected astrophysics of galaxies at 8 < z < 12 and z > 12, are developed and used to fit three galaxies at z > 12 from the SMACS0723 field. Using these improved templates, quantitative estimates are produced of the bias in inferred properties from JWST observations at z > 8 due to these effects. The best-fit redshifts are similar to those found with previous template sets, but the inferred stellar masses drop by as much as 1-1.6 dex, such that stellar masses are no longer seemingly inconsistent with ΛCDM. The two new template sets are released in formats compatible with EAZY and LePhare.