Estate Planning Check-In: Refresh Your Plan This October

October is National Estate Planning Month—a timely reminder to revisit and refresh your estate plans. Many people create plans years ago, believing they're set for life. While the original intentions may have been sound, life moves swiftly, and outdated plans may not reflect your current wishes, potentially causing unnecessary complications. This blog shares seven reasons to revisit your estate plan now.

1. Major Life Events

Significant life events such as marriage, divorce, childbirth, adoption, or losing a loved one should prompt updates to your estate plan. These changes can dramatically affect your intentions and the distribution of your assets.

2. Financial Changes

Have you recently started a new job, received a promotion, purchased real estate, or launched a business? These financial milestones should trigger a fresh look at your estate planning documents to align them with your new circumstances.

3. Impact of Relocation

Moving to a new state can have a significant impact on your estate plan due to varying state laws. It's essential to ensure your plan is compliant with the new state's legal requirements to avoid future issues.

4. Ensure Accurate Beneficiaries

Verify that your named beneficiaries still align with your current relationships and intentions. Changes in relationships or priorities may require adjustments to reflect your current wishes accurately.

5. Health Considerations

Changes in health, whether personal or among loved ones, might necessitate updates to healthcare directives or power of attorney arrangements. These updates ensure your healthcare preferences are respected.

6. Tax Law Updates

Stay informed about any changes in state or federal tax laws, as these can create new obligations or opportunities for enhancing your estate planning strategies.

7. Regular Plan Reviews

Even without major life changes, it's prudent to review your estate plan every 3 to 5 years. This helps maintain its accuracy and relevance as circumstances evolve.

Updating an estate plan does not have to be overwhelming. The peace of mind and clarity gained from knowing your plan reflects your current wishes are invaluable. Consider scheduling a consultation with a professional or start reviewing your documents this month.