October: Time to Revisit Your Estate Plan

Did you know that October is National Estate Planning Month? It's a timely reminder to revisit and refresh your estate plan, even if you believe it's already comprehensive. Creating an estate plan years ago may have felt like checking off a box for life, but as time marches on, circumstances change, and an outdated plan can complicate matters or misinterpret your intentions.

Here are seven key reasons to revisit your estate plan this month:

1. Financial Changes

Financial landscapes shift. Whether you've started a new job, received a promotion, purchased property, or embarked on a business venture, it's crucial to ensure your estate documents reflect these economic shifts.

2. Beneficiaries

Our connections evolve over time. It's important to check that your listed beneficiaries still match your current relationships. Ensure your estate plan reflects whom you want to inherit your assets.

3. Life Events

Significant life events such as marriage, divorce, childbirth, adoption, or the death of a loved one are pivotal moments that should trigger updates to your estate plan.

4. Tax Law Updates

With ever-changing state and federal tax laws, there are new obligations and opportunities for your estate planning strategies. These updates might open doors to optimize your planning.

5. Health Issues

Changes in health—whether personal or involving loved ones—could impact your healthcare directives or power of attorney arrangements, necessitating a review.

6. Relocation

Moving to a new state can affect your estate plan due to different legal requirements. Check to ensure your plan complies with your new residence's laws.

7. Regular Reviews

Even without major life changes, it's wise to review your estate plan every three to five years to keep it accurate and relevant.

Updating your estate plan doesn't have to be daunting. Embrace the peace of mind that comes from knowing your current wishes are accurately represented. Take action this October by scheduling a consultation with a professional or starting the process of reviewing your documents.