October: Time to Revisit Your Estate Plan

Every October, we mark National Estate Planning Month, a timely reminder for everyone to revisit and refresh their estate plans. It's an opportunity to reflect on our past decisions, especially for those who crafted their plans years ago, feeling assured it was a set-for-life solution. However, as life evolves, so might your priorities, and an outdated estate plan can lead to avoidable complications.

Let's explore seven reasons why it's essential to give your estate plan another look:

Life Events

Significant milestones like marriage, divorce, childbirth, adoption, or the loss of a loved one are all events that require immediate updates to your estate plan. These life changes can significantly alter your intentions and the dynamics of your familial relationships.

Financial Changes

Any shifts in your financial situation, such as landing a new job, receiving a promotion, purchasing real estate, or starting a business, should compel you to revisit your estate planning documents. These changes can affect your wealth distribution plans or create new opportunities for investment protection.

Relocation

If you've moved to a different state, it's crucial to recognize that each state operates under different legal statutes that could impact your estate plan. Aligning your plan with the legal requirements of your new home state ensures its enforceability.

Beneficiaries

As relationships evolve, so might your wishes concerning beneficiaries. It's wise to periodically check that the people you've designated align with your current intentions and personal connections.

Health Issues

Any alterations in health status, whether they concern you or your loved ones, might necessitate changes to your healthcare directives or power of attorney arrangements. It’s crucial to ensure your plan accommodates any new healthcare requirements.

Tax Law Updates

Changes in state or federal tax laws can introduce new obligations or create strategic opportunities in estate planning. Keeping up-to-date ensures that your estate plan remains efficient and compliant with current regulations.

Regular Reviews

Even in the absence of any major life changes, a regular review of your estate plan every 3 to 5 years is advisable. This helps maintain its accuracy and ensures that it continues to reflect your current situation and wishes.

We understand that revisiting your estate plan can feel daunting, but take heart—it doesn’t have to be overwhelming. By keeping your plan current, you provide peace of mind and clarity in knowing that your wishes are accurately documented. We encourage you to schedule a consultation with a professional or start the review process this month to ensure that your estate plan is up-to-date and effective.