October is National Estate Planning Month

This month serves as the perfect reminder to revisit and refresh your estate plans. Many create their plans years ago, thinking they are set for life. While those plans may have been thoughtful at the time, our lives change rapidly, and outdated estate plans can lead to unnecessary complications or fail to reflect your true intentions. Here, we share seven reasons why it might be time to take a fresh look at your estate plan.

1. Beneficiaries

It’s essential to verify that your named beneficiaries still align with your current relationships and intentions. Life changes, and you may need to update who stands to benefit from your assets.

2. Life Events

Significant life events—such as marriage, divorce, childbirth, adoption, or the loss of a loved one—warrant updates to your estate plan. These milestones can dramatically change your priorities and who you wish to protect.

3. Financial Changes

If you’ve accepted a new job, received a promotion, purchased real estate, or started a business, consider taking a fresh look at your estate planning documents. Changes in your financial situation can lead to adjustments in how you wish your estate to be managed or distributed.

4. Relocation

Moving to a new state can affect your estate plan due to differing legal requirements and regulations. It's important to ensure your documents remain valid and enforceable in your new location.

5. Health Issues

Changes in health for you or your loved ones could necessitate updates to healthcare directives or power of attorney arrangements. Make sure your plans reflect any new medical needs or care arrangements.

6. Tax Law Updates

State or federal tax law changes can create new obligations or opportunities in estate planning strategies. Staying informed and adjusting your plans accordingly can save costs and administrative headaches for your beneficiaries.

7. Regular Reviews

Even if major life changes haven't occurred, it's good practice to review your estate plan every 3 to 5 years for accuracy and relevance. Regular reviews can catch needed updates before they become urgent.

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