National Estate Planning Month: The Right Time to Revisit Your Plan

October is National Estate Planning Month, a timely reminder for individuals to revisit and refresh their estate plans. Many people may have created their plans years ago, believing they were set for life. However, an estate plan that might have been well-considered initially can become outdated over time. Life changes rapidly, and an outdated estate plan can create unnecessary complications or fail to reflect your current wishes. This month presents the perfect opportunity to reassess your estate planning strategy.

7 Reasons to Revisit Your Estate Plan

Beneficiaries

Over the years, relationships change. It's essential to ensure that your named beneficiaries still align with your current intentions and personal circumstances. This ensures your assets are distributed according to your current wishes.

Life Events

Major life events such as marriage, divorce, childbirth, adoption, or the loss of a loved one can significantly impact your estate plan. Each event may require updates to ensure your plan remains effective and reflective of your current life circumstances.

Financial Changes

Changes in your financial situation, like a new job, a promotion, purchasing real estate, or starting a business, necessitate a fresh look at your estate planning documents. These changes could influence the way your assets should be managed and distributed.

Health Issues

Changes in health—either personal health or that of your loved ones—can impact your estate plan. It might be necessary to update healthcare directives or power of attorney arrangements to ensure decisions are in trusted hands.

Relocation

If you've moved to a new state, your estate plan might be subject to different legal requirements and regulations. Updating your plan ensures it remains compliant and effective under your new circumstances.

Tax Law Updates

State or federal tax law changes can introduce new obligations or opportunities within your estate planning strategies. Staying informed and updating your plan accordingly can help optimize your estate's financial efficiency.

Regular Reviews

Even without major life changes, regular reviews of your estate plan every three to five years ensure it remains accurate and relevant. Consistent updates help in avoiding future complications and keeping your intentions clear.

Take Action for Peace of Mind

Updating an estate plan doesn't have to be overwhelming. It's about ensuring peace of mind, knowing your plan accurately reflects your current wishes and life's circumstances. This month, seize the chance to sit down with a professional or start reviewing your documents to ensure everything is in perfect order.