October: The Month to Reassess Your Estate Plan

October is National Estate Planning Month, which serves as a timely reminder to revisit and refresh those crucial estate plans. Many of us crafted our plans years ago, believing they were set for life. While they might have been thoughtfully constructed at the time, life has a way of changing quickly. An outdated estate plan can lead to unnecessary complications and might not reflect your true intentions.

Here are seven compelling reasons to take a fresh look at your estate plan this month:

Beneficiaries

Life changes, and so do relationships. Re-evaluate your named beneficiaries to ensure they align with your current relationships and intentions. It's important that those you wish to benefit are accurately reflected in your plan.

Financial Changes

Whether you've started a new job, received a promotion, invested in real estate, or launched a business, significant financial changes should prompt a review of your estate planning documents. Your financial picture impacts your overall estate strategy.

Tax Law Updates

State and federal tax laws are subject to change and can create new obligations or opportunities for your estate planning strategy. Staying up-to-date ensures you are taking full advantage of any benefits and are compliant with the law.

Regular Reviews

Even if life seems steady, it's a good idea to review your estate plan every 3 to 5 years. This ensures all elements of your plan are still accurate and relevant to your current circumstances.

Relocation

Moving to a new state? Different states have varying legal requirements and regulations which can affect your estate plan. It’s prudent to reassess your plan to comply with these legal nuances.

Life Events

Marriage, divorce, childbirth, adoption, and the loss of a loved one are significant life events that warrant updates to your estate plan. These events can substantially alter your intentions and who you wish to inherit your assets.

Health Issues

Changes in personal health or the health of loved ones might necessitate updates to healthcare directives or power of attorney arrangements. Your estate plan should address current healthcare needs and anticipated future needs.

Updating your estate plan doesn’t have to be overwhelming. The peace of mind that comes with knowing your plan aligns with your current wishes is invaluable. Take action this month—schedule a consultation with a professional or start reviewing your documents. Your future self will thank you.