Check Your Estate Plan: October is Estate Planning Month

October is National Estate Planning Month — a timely reminder to revisit and refresh your estate plan. Many individuals believe that once their estate plan is crafted, it's set for life. However, the dynamic nature of life warrants periodic reviews to ensure your plan accurately reflects your current intentions.

This blog will explore seven essential reasons to revisit your estate plan this month.

Financial Changes

Whether it's securing a new job, receiving a promotion, purchasing real estate, or starting a business, these financial milestones should prompt you to reassess your estate planning documents. Your financial landscape continually evolves and so should your estate plan.

Health Issues

Changes in your health, or that of your loved ones, might require updates to healthcare directives or power of attorney arrangements. Your estate plan should provide clear guidance should health issues arise.

Beneficiaries

It's crucial to periodically verify that your named beneficiaries align with your current relationships and intentions. People's roles in your life can change, and so should their representation in your plan.

Life Events

Significant life events, such as marriage, divorce, childbirth, adoption, or the loss of a loved one, are pivotal moments that should lead to updates in your estate plan. An adaptable estate plan ensures harmonious transitions during life's changes.

Relocation

Moving to a new state can affect your estate plans due to different legal requirements and regulations. It's essential to review how these changes might impact your existing plan.

Tax Law Updates

Changes in state or federal tax laws can introduce new obligations or opportunities for estate planning strategies. Your plan should reflect these updates for optimal functioning.

Regular Reviews

Even absent major life changes, estate plans should be reviewed every 3 to 5 years for accuracy and relevance. Regular reviews ensure your plan remains aligned with your wishes and current circumstances.

Updating an estate plan doesn’t have to be overwhelming. The peace of mind and clarity that comes from knowing your plan truly reflects your current wishes is invaluable. Schedule a consultation with a professional or begin reviewing your documents this month.