October is National Estate Planning Month, and it serves as a timely reminder to revisit and refresh your estate plans. You might have crafted your estate plan years ago, feeling secure that it was set for life. While your original plan may have been well-considered, it's essential to acknowledge how rapidly life can change, and an outdated estate plan can bring about unnecessary complications or fail to reflect your true intentions.

This month, we want to emphasize seven reasons you should revisit your estate plan:

Beneficiaries

Have you reviewed your designated beneficiaries lately? Life changes, and it's vital to verify that the individuals named in your estate plan align with your current relationships and intentions.

Lifecycle of Events

Significant life events such as marriage, divorce, childbirth, adoption, or losing a loved one warrant an update to your estate plan. These milestones can substantially alter your planning needs and goals.

Financial Changes

Whether you've started a new job, received a promotion, purchased real estate, or embarked on a business venture, financial changes should prompt a fresh look at your estate planning documents.

Relocation

Moving to a new state can affect your estate plans due to differing legal requirements and regulations. It's crucial to ensure your estate plan complies with new state laws.

Health Issues

Changes in health, whether personal or among loved ones, might necessitate updates to healthcare directives or power of attorney arrangements to ensure your wishes are honored.

Regular Reviews

Even without major life changes, estate plans should be reviewed every three to five years for accuracy and relevance. Regular reviews ensure your plans are up-to-date and reflective of your current situation.

Tax Law Updates

Stay informed about tax law changes at both the state and federal levels, as these can create new obligations or opportunities for your estate planning strategies.

Remember, updating your estate plan doesn’t have to be overwhelming. The peace of mind and clarity that comes from knowing your plan reflects your current wishes is invaluable. We encourage you to schedule a consultation with a professional or take time this month to review your documents. Embrace National Estate Planning Month to secure a future that aligns with your intentions.