Refresh Your Estate Plans: 7 Reasons to Act Now

October is National Estate Planning Month, a timely reminder to revisit and refresh your estate plans. If you created your estate plan years ago, believing it would endure the test of time, you’re not alone. However, life has its way of changing, and amidst these changes, outdated estate plans can create unnecessary complications or fail to reflect your true intentions. Today, we'll explore seven compelling reasons to revisit your estate plan.

Health Issues

Significant changes in health, whether they involve you or a loved one, might necessitate updates to healthcare directives or power of attorney arrangements. It's crucial to ensure these documents reflect current medical needs and preferences.

Financial Changes

Have you experienced a financial shift, such as acquiring a new job, receiving a promotion, purchasing real estate, or starting a business? These changes can significantly impact your estate, reminding you to take a fresh look at your estate planning documents.

Life Events

Significant life events, like getting married, going through a divorce, welcoming a child, adopting, or enduring the loss of a loved one, are pivotal moments that warrant updates to your estate plan to align with your evolving life and priorities.

Regular Reviews

Even in the absence of major life changes, it's wise to review your estate plan every 3 to 5 years. This ensures its accuracy and relevance, avoiding any surprises that could arise from outdated documents.

Tax Law Updates

Changing state or federal tax laws can introduce new obligations or opportunities for estate planning strategies. Keeping abreast of such updates helps ensure your plan remains optimized for current tax conditions.

Relocation

If moving to a new state is in your cards, remember that differing legal requirements and regulations in your new location may affect your estate plan. It's essential to revise your documents accordingly to maintain their compliance and effectiveness.

Beneficiaries

We encourage you to verify that your named beneficiaries are in harmony with your current relationships and intentions. Life's changes could have adjusted these dynamics, and your estate plan should reflect them accurately.

Updating an estate plan doesn't have to be overwhelming. There's immense peace of mind in knowing your plan reflects your current wishes. Today, take the first step toward ensuring your estate plan is updated; consider scheduling a consultation with a professional or start reviewing your documents this month. Embrace the clarity and security gained from a well-tended estate plan.