October Check-Up: Freshen Up Your Estate Plan!

October is National Estate Planning Month

As the leaves change and the cool air of October sets in, it's a perfect time to remind ourselves about the importance of estate planning. Many of us may have set up our estate plans years ago, confident that they would serve us well for a lifetime. Yet, as we know, life is anything but static. The plan you crafted back then, no matter how well-considered, may not wholly reflect your current wishes or circumstances, leading to complications down the road. This blog explores seven compelling reasons to revisit and revitalize your estate plan.

Significant Life Events

Whether celebrating a new marriage or coping with the loss of a loved one, significant life changes demand a fresh look at your estate plan. Such events, including divorce, childbirth, or adoption, can dramatically alter the distribution of your assets and responsibilities.

Financial Changes

We often experience fluctuations in our financial landscape—securing a new job, receiving a promotion, or even starting a business. These changes necessitate a careful reevaluation of your estate planning documents to ensure they align with your present financial status.

Relocation

If you've moved to a new state, you're probably aware that legal requirements and regulations for estate planning can differ significantly. Revisiting your plan ensures compliance with local laws and adapts your intentions accordingly.

Beneficiaries

It’s always wise to review your beneficiaries. Changing dynamics in personal relationships mean your current designations may not reflect your true intentions. Make sure the people you've named are the ones you still wish to benefit.

Changes in Health

Life's unpredictability extends to health. Whether it's your health or a loved one's, any change necessitates a closer look at healthcare directives or power of attorney arrangements.

Tax Law Updates

State or federal changes to tax laws present new opportunities or requirements in estate planning. Familiarize yourself with these updates to optimize your estate plan and obligations wisely.

Regular Reviews

Even without significant life changes, it is good practice to review your estate plan every 3 to 5 years. This habit maintains the accuracy and relevance of your intentions as times change.

Updating an estate plan doesn't have to be overwhelming. The peace of mind from knowing your plan reflects your true desires is invaluable. This month, take the time to schedule a consultation with a professional or begin reviewing your documents. Your future self will thank you!