7 Reasons to Revisit Your Estate Plan This October

October is National Estate Planning Month

October is National Estate Planning Month—a timely reminder to revisit and refresh your estate plans. Many of you may have created your estate plans years ago, believing they were set for life. While your original plan may have been well-considered, it's crucial to acknowledge that life changes rapidly. An outdated estate plan can create unnecessary complications or fail to reflect your true intentions.

Significant Life Events

Life events such as marriage, divorce, childbirth, adoption, or the loss of a loved one can all significantly alter your estate planning needs. These milestones warrant updates to ensure your plan accurately reflects your current situation.

Financial Changes

Whether you’ve started a new job, received a promotion, made a real estate purchase, or started a business, these financial changes should prompt a fresh look at your estate planning documents. Financial milestones often bring new estate planning considerations.

Relocation

If you've moved to a new state, your estate plan may need adjustments to comply with differing legal requirements and regulations. It's essential to ensure your estate plan aligns with local laws.

Review Your Beneficiaries

It's important to verify periodically that your named beneficiaries still align with your current relationships and intentions. Personal relationships evolve, and your estate plan should reflect these changes.

Changes in Health

Changes in health—yours or among your loved ones—might necessitate updates to healthcare directives or power of attorney arrangements. Health issues can have significant implications for your estate plan.

Tax Law Updates

Recent changes in state or federal tax laws can create new obligations or opportunities for your estate planning strategies. Staying informed of these changes ensures that your plan takes advantage of any beneficial provisions.

Regular Estate Plan Reviews

Even without major life changes, estate plans should be reviewed every 3 to 5 years for accuracy and relevance. An estate plan that’s kept up-to-date is more likely to serve your intentions fully.

Updating an estate plan doesn’t have to be overwhelming. The peace of mind and clarity that comes from knowing your plan reflects your current wishes are worth the effort. We encourage you to schedule a consultation with a professional or begin reviewing your documents this month. Embrace the opportunity that National Estate Planning Month provides and ensure your estate plan is current and effective.