October is National Estate Planning Month, a timely reminder to revisit and refresh your estate plans. Many people create an estate plan with the mindset that it's a set-it-and-forget-it kind of deal. However, life evolves, and those changes can make our initial plans outdated. This blog will highlight seven reasons why it's important to revisit your estate plan.

Financial Changes

Big financial shifts like a new job, a significant raise, purchasing real estate, or launching a new business can all necessitate adjustments to your estate planning documents. These changes might affect how you want your assets distributed in the future.

Life Events

Significant life events such as marriage, divorce, the birth of a child, adoption, or the loss of a family member are key reasons to update your estate plan. These events can drastically reshape your intentions and priorities.

Relocation

Moving to another state can have legal implications for your estate plan. Each state has its own estate laws and regulations, which may require you to adjust your planning documents accordingly.

Beneficiaries

Over time, the relationships we have with the people in our lives change. Regularly reviewing your named beneficiaries ensures that these individuals still align with your current wishes and relationships.

Health Issues

Changes in health—whether your own or a family member’s—might mean it’s time to update healthcare directives or power of attorney documents. These reflect who you trust to make decisions on your behalf if you're unable to do so.

Tax Law Updates

Changes in state or federal tax laws can open up new planning strategies or obligations. It is crucial to adapt your estate plan to accommodate these new rules and potentially optimize tax advantages.

Regular Reviews

Even in the absence of significant life changes, reviewing your estate plan every three to five years helps maintain its relevance and accuracy.

Updating your estate plan doesn’t have to be overwhelming. It’s about gaining peace of mind and ensuring your plans reflect your current wishes. This month, take the opportunity to schedule a consultation with a professional or start reviewing your documents. Taking these steps now will make sure that your intentions are honored and can prevent complications down the road.