Refresh Your Estate Plan This October: 7 Vital Reasons

It's Time to Revisit Your Estate Plan

October marks National Estate Planning Month, a timely reminder to revisit and refresh your estate plan. Many prepared their estate plan years ago, confident it covered all the bases for a lifetime. However, life moves swiftly, and an outdated plan can lead to unnecessary complications or fail to reflect your true intentions. This blog shares seven compelling reasons to revisit your estate plan now.

Life Events

Major life events such as marriage, divorce, childbirth, adoption, or the loss of a loved one can significantly impact your estate planning. These milestones often necessitate changes to ensure that your estate plan aligns with your life today.

Financial Changes

Whether it's a new job, a promotion, purchasing real estate, or starting a business, financial changes are a strong signal to revisit and update your estate planning documents. These changes can affect your assets and how you'd prefer to allocate them.

Relocation

Have you recently moved to a new state? Different states have varying legal requirements and regulations concerning estate plans. A move can necessitate updates to ensure your plan remains valid and enforceable.

Beneficiaries

It’s crucial to verify that your named beneficiaries align with your current relationships and intentions. Situations change, and so can your circle of trust and family dynamics.

Health Issues

Health changes, whether personal or surrounding your loved ones, may necessitate updates to healthcare directives or power of attorney arrangements. Ensuring these documents reflect current health statuses is key to effective planning.

Tax Law Updates

State and federal tax laws evolve, creating new obligations or opportunities for estate planning strategies. Staying informed about these changes can help optimize your estate plan for tax efficiency.

Regular Reviews

Even absent of major life developments, it’s wise to review your estate plan every 3 to 5 years for accuracy and relevance. This routine audit helps catch potential oversights and adjusts plans as necessary.

Take Control and Ensure Peace of Mind

Updating your estate plan doesn’t have to be overwhelming and brings profound peace of mind and clarity knowing your wishes are current and accurately reflected. Use National Estate Planning Month as your cue to schedule a consultation with a professional or start reviewing your documents this month.