October is National Estate Planning Month—a timely reminder to revisit and refresh your estate plan. If you crafted your plan years ago, you might have believed it was set for life. While your original plan may have been well-considered, life changes rapidly, and an outdated estate plan can create unnecessary complications or fail to reflect your true intentions. This blog will share seven reasons to revisit your estate plan.

Financial Changes

Have you recently accepted a new job, received a promotion, purchased real estate, or started a business? These financial changes should prompt a fresh look at your estate planning documents to ensure they align with your current financial situation.

Beneficiaries

It's crucial to verify that the beneficiaries named in your estate plan align with your current relationships and intentions. This ensures your assets go to the people and causes that mean the most to you.

Tax Law Updates

State or federal tax law changes can create new obligations or opportunities for estate planning strategies. Reviewing your plan in light of these updates can help you make the most of current laws.

Life Events

Significant life events like marriage, divorce, childbirth, adoption, or the loss of a loved one warrant updates to your estate plan. These changes can greatly impact your wishes and should be reflected accurately in your documents.

Health Issues

Changes in health—either personal or among loved ones—might necessitate updates to healthcare directives or power of attorney arrangements to ensure your preferences are respected.

Relocation

If you’ve moved to a new state, it can affect your estate plan due to differing legal requirements and regulations. It's essential to revise your plan based on your current location.

Regular Reviews

Even if there haven't been major life changes, your estate plan should be reviewed every 3 to 5 years for accuracy and relevance. Regular reviews ensure the plan remains consistent with your desires.

Revisiting your estate plan doesn’t have to be overwhelming. Updating your plan brings peace of mind and clarity, knowing your wishes are current. Take action this month—schedule a consultation with a professional or begin reviewing your documents today.