National Estate Planning Month: Review Your Plans

October is National Estate Planning Month

As October rolls in, it's a timely reminder to revisit and refresh your estate plans. If you’re among those who drafted an estate plan years ago, believing it would last a lifetime, it might be time for a check-in. While your initial plan might have been comprehensive, life’s rapid changes can lead to outdated documents that no longer reflect your intentions, potentially causing unnecessary complications.

Seven Reasons to Revisit Your Estate Plan

Regular Reviews

Even if there haven’t been significant life changes, it’s wise to review your estate plan every three to five years. This practice ensures your plan remains accurate and relevant to your current circumstances.

Life Events

Marriage, divorce, childbirth, adoption, or the death of a loved one can significantly impact your estate planning needs. These life events warrant an update to your plan to ensure it aligns with your current situation and wishes.

Beneficiaries

Your relationships and intentions may evolve over time. It's crucial to verify that your named beneficiaries still reflect your current relationships and desires.

Tax Law Updates

Changes in state or federal tax laws can introduce new obligations or opportunities that might affect your estate planning strategies. Staying informed can help you capitalize on beneficial updates or adjust to new requirements.

Financial Changes

Whether you’ve taken a new job, received a promotion, purchased real estate, or started a business, these financial changes can necessitate a fresh look at your estate planning documents.

Health Issues

Changes in health – either yours or among your loved ones – might require updates to healthcare directives or power of attorney arrangements to reflect current needs and preferences.

Relocation

Moving to a new state can affect your estate plans due to differing local legal requirements and regulations. Ensure your estate plan complies with the laws of your new residence.

Peace of Mind in Updating

Updating your estate plan doesn’t have to be overwhelming. The peace of mind that comes from knowing your plan accurately reflects your current wishes is invaluable. We encourage you to schedule a consultation with a professional or start reviewing your documents this month. Taking action today can ensure your intentions are clearly understood and achievable in the future.