October is National Estate Planning Month — a timely reminder to revisit and refresh your estate plan. Whether you crafted your estate plan two years ago or two decades ago, it's vital to acknowledge that life's ebbs and flows can render your once-perfect plan a little dusty. While your original plan may have been well-considered, an outdated estate plan can create unnecessary complications or fail to reflect your true intentions.

This blog dives into seven reasons why you should revisit your estate plan now.

Beneficiaries

First and foremost, take a close look at your beneficiaries. Over time, relationships can change, and it's important to ensure the individuals or organizations named in your estate plan still align with your current intentions.

Financial Changes

Have you started a new job, received a promotion, or ventured into new business territory? Financial changes such as these require a fresh look at your estate planning documents. It's crucial to make sure your financial success today is well-reflected in your plans for tomorrow.

Life Events

Marriage, divorce, childbirth, adoption, or the loss of a loved one—any one of these life events is reason enough to update your estate plan. They dramatically shift your life's compass, and your estate plan should pivot to accommodate these changes.

Relocation

Did you recently move to a new state? If so, your estate plan may be subject to different legal requirements and regulations. It's wise to understand how these changes affect your plan and take action accordingly.

Tax Law Updates

State or federal tax codes don't stay stagnant. Changes in these laws can introduce new obligations or opportunities for your estate planning strategies, making it a valid reason for a plan review.

Health Issues

Changes in health, whether yours or that of a loved one, might necessitate updates to healthcare directives or power of attorney arrangements. It's crucial to ensure that your healthcare decisions are in safe and trusted hands.

Regular Reviews

Even in the absence of major life changes, regular reviews every 3 to 5 years help ensure your estate plan remains accurate and relevant. Think of it like servicing a car; it's all about preventative care.

Updating an estate plan doesn't have to be overwhelming. The peace of mind and clarity that come from knowing your plan genuinely reflects your current wishes are truly invaluable. As we mark National Estate Planning Month, consider scheduling a consultation with a professional or start reviewing your documents today. Your future self will thank you.