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 believe 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 While your original plan may have been well-considered, life changes rapidly, and an outdated estate plan can create unnecessary complications or fail to reflect your true intentions.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.

Beneficiaries

Are your named beneficiaries still in tune with your current relationships and intentions? Verify that these vital details align by updating your estate plan to reflect any changes in your personal connections.

Financial Changes

New financial circumstances, such as a new job, a promotion, purchasing real estate, or starting a business, are all excellent opportunities to examine and update your estate planning documents.

Life Events

Significant life events such as marriage, divorce, childbirth, adoption, or the loss of a loved one should prompt a thorough review and update of one's estate plan to ensure it continues to reflect your wishes.

Relocation

Moving to a new state can affect your estate plan due to differing legal requirements and regulations that may necessitate changes to your documents.

Health Issues

Experiencing changes in health, whether personally or among loved ones, could require updates to healthcare directives or power of attorney arrangements to maintain your desired control.

Tax Law Updates

State or federal tax law changes can create new obligations or opportunities for estate planning strategies, making it essential to stay informed and update your plan accordingly.

Regular Reviews

Even if major life changes haven't occurred, reviewing your estate plan every 3 to 5 years ensures it remains accurate and relevant, thus safeguarding your intentions for future generations.

Updating an estate plan doesn’t have to be overwhelming. The peace of mind and clarity from knowing your plan reflects your current wishes is invaluable. This National Estate Planning Month, consider scheduling a consultation with a professional or start reviewing your documents. Begin taking steps today towards securing your legacy for tomorrow.