National Estate Planning Month: Revisit Your Plan

Did you know that October is National Estate Planning Month? It’s the perfect time to pull out that dusty estate plan and see if it still aligns with your current life circumstances. Maybe you felt you had everything sorted out years ago, but it's important to remember that life changes—and those changes necessitate updates to your estate planning documents. Let’s explore seven compelling reasons to revisit your estate plan right now.

Life Events

Significant life events like marriage, divorce, childbirth, adoption, or even the loss of a loved one can turn your world upside down—and they should prompt you to update your estate plan. Each life change carries unique implications that need to be accounted for in your arrangements.

Financial Changes

Starting a new job, getting a promotion, purchasing real estate, or launching a business are events that can significantly alter your financial landscape. A fresh appraisal of your estate planning documents can ensure they reflect your latest economic status.

Relocation

Moving to a new state can throw a wrench into your existing estate plans. Different states have varying legal requirements and regulations, meaning your plan might need adjusting to comply with your new home’s laws.

Beneficiaries

Life isn’t static, and your relationships might evolve over time. Take a moment to verify that the beneficiaries named in your estate plan still align with your current connections and intentions.

Health Issues

Your health, or that of a loved one, can change unpredictably. Such changes might necessitate updates to your healthcare directives or power of attorney arrangements to ensure that your wishes are respected.

Tax Law Updates

State and federal tax laws are anything but static. Changes in these laws can introduce new obligations or opportunities for your estate planning strategies. Keep your plan up-to-date to maximize benefits and alleviate any new burdens.

Regular Reviews

Even if your life is relatively stable, it is essential to review your estate plan every 3 to 5 years. Regular check-ins ensure that everything remains accurate and relevant, providing peace of mind that your plan aligns with your wishes.

Updating your estate plan doesn’t have to be overwhelming. Enjoy the peace of mind knowing your plan accurately reflects your current wishes. Take advantage of National Estate Planning Month by scheduling a consultation with a professional or kickstarting a review of your documents now. Your future self—and your loved ones—will thank you.