National Estate Planning Month: Update Your Estate Plan Now

October is National Estate Planning Month, a timely reminder to revisit and refresh your estate plans. If you created your plan years ago, you might think it's set for life, but life changes rapidly. An outdated estate plan can lead to unnecessary complications or might not reflect your current intentions. Here are seven key reasons to revisit your estate plan this month:

1. Financial Changes

Whether you've started a new job, gotten a promotion, purchased property, or launched a business, these financial milestones should prompt a review of your estate planning documents to ensure they accurately represent your current financial situation.

2. Health Issues

Changes in health, whether yours or your loved ones', might necessitate updates to your healthcare directives or power of attorney arrangements. It's crucial that these documents reflect current medical and personal wishes.

3. 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 changes can impact who you want as beneficiaries or who you trust with managing your affairs.

4. Relocation

Moving to a new state can affect your estate plan since legal requirements and regulations differ from state to state. It's important to ensure your plan meets the new state's laws.

5. Tax Law Updates

Changes in state or federal tax laws can introduce new obligations or opportunities for your estate planning strategies. Keeping your plan aligned with current tax regulations is vital in minimizing tax burdens and maximizing benefits.

6. Beneficiaries

Verify that your named beneficiaries still align with your current relationships and intentions. People's roles in your life change, and your estate plan should reflect these shifts accurately.

7. Regular Reviews

Even if there haven't been any major life changes, it's wise to review your estate plan every three to five years. This ensures it remains accurate and relevant, aligning with your latest wishes and circumstances.

Updating an estate plan might feel overwhelming, but it brings peace of mind and clarity, knowing your plan reflects your current desires. Consider scheduling a consultation with a professional or start reviewing your documents this month to make sure everything is in order.