October: Time to Revisit Your Estate Plan
October is National Estate Planning Month—a timely reminder to revisit and refresh your estate plans. If you created your estate plan several years ago, you might believe it's set for life. But life changes rapidly, and an outdated estate plan can create unnecessary complications or fail to reflect your true intentions. In this blog, we'll explore seven compelling reasons to revisit your estate plan now.
Beneficiaries
Start by verifying that your named beneficiaries still align with your current relationships and intentions. Over time, relationships evolve, and it’s crucial to ensure your estate plan reflects these changes.
Financial Changes
A new job, a promotion, purchasing real estate, or starting a business should prompt a fresh look at your estate planning documents. These financial changes can significantly affect your plans and require updates to ensure everything aligns with your current circumstances.
Relocation
Moving to a new state can affect your estate plan due to differing legal requirements and regulations. It’s essential to revise your plan to comply with the laws in your new state of residence.
Health Issues
Changes in health—whether personal or among loved ones—might necessitate updates to healthcare directives or power of attorney arrangements. It's vital to address these changes to ensure your plan remains relevant to your current health scenario.
Life Events
Significant life events like marriage, divorce, childbirth, adoption, or the loss of a loved one warrant updates to your estate plan. These events can have major implications and should prompt a review of your plan.
Tax Law Updates
State or federal tax law changes can create new obligations or opportunities for estate planning strategies. Staying informed about these changes is crucial to maintaining an effective and compliant estate plan.
Regular Reviews
Even absent major life changes, it’s wise to review your estate plan every 3 to 5 years for accuracy and relevance. Regular reviews help ensure that your estate plan remains aligned with your current wishes and circumstances.
Updating your estate plan doesn’t have to be overwhelming. Embrace the peace of mind and clarity that comes from knowing your plan reflects your current wishes. This October, take action and schedule a consultation with a professional or begin reviewing your documents to ensure your estate plan is up to date.