October Check-In: Refresh Your Estate Plan Today

October is National Estate Planning Month—an opportune time to revisit and refresh your estate plans. Many people create their estate plans believing they are set for life. While the original plan may have been well-considered, life changes rapidly, and an outdated estate plan can create unnecessary complications or fail to reflect your true intentions. In this blog, we'll share seven reasons to revisit your estate plan.

Beneficiaries

It's crucial to verify that your named beneficiaries still align with your current relationships and intentions. Changes in dynamics can occur, and keeping your estate plan up to date ensures the right people are provided for according to your wishes.

Financial Changes

Has your financial situation changed? Whether it's a new job, a promotion, purchasing real estate, or starting a business, financial changes are pivotal moments for reviewing your estate planning documents to ensure they align with your newfound circumstances.

Life Events

Significant life events—such as marriage, divorce, childbirth, adoption, or the loss of a loved one—are all signals that it might be time to update your estate plan. Each event can affect your needs and priorities.

Health Issues

Changes in health, whether they pertain to you or your loved ones, might necessitate updates to your healthcare directives or power of attorney arrangements. Ensuring these documents reflect current health scenarios is essential.

Tax Law Updates

State or federal tax laws can change, sometimes dramatically. These changes can create new obligations or opportunities for estate planning strategies, and staying informed ensures you're taking advantage of them.

Relocation

If you've moved to a new state, it's wise to take another look at your estate plan. Legal requirements and regulations can differ significantly from one state to another, impacting your estate's final disposition.

Regular Reviews

Finally, even in the absence of major life changes, estate plans should be reviewed every 3 to 5 years for accuracy and relevance. This regular review ensures that all factors in your life and estate plan remain synchronized.

Updating an estate plan doesn't have to be overwhelming. The peace of mind and clarity from knowing your plan reflects your current wishes are invaluable. So why not use this month to schedule a consultation with a professional or begin reviewing your documents today?