October is National Estate Planning Month
As we mark National Estate Planning Month this October, it’s a timely reminder to revisit and refresh our estate plans. Even if you meticulously crafted your plan years ago, believing you had everything set for life, it’s important to consider that life’s dynamics can change more rapidly than anticipated. Without regular updates, your plan might create unintended complications or fail to reflect your current intentions.
Why Now? Seven Reasons to Revisit Your Estate Plan
1. Financial Changes:
Have you landed a new job, received a promotion, purchased property, or started a business? Major financial milestones like these should prompt a fresh look at your estate planning documents to ensure your assets are protected and properly allocated.
2. Health Issues:
Whether personal or involving close family members, health changes can necessitate updates to healthcare directives or power of attorney arrangements, ensuring your medical preferences are honored.
3. Relocation:
If you’ve moved to a different state, it’s crucial to reassess your estate plan. Each state has distinct legal frameworks that can significantly impact estate planning strategies. Navigate these changes with informed adjustments to your documents.
4. Beneficiaries:
Confirm that your named beneficiaries align with your current relationships and wishes. Over time, relationships evolve, and it’s vital to ensure your estate reflects those big life changes.
5. Life Events:
Marriage, divorce, the birth or adoption of a child, or the loss of a loved one are profound personal events that warrant serious attention in revisiting and potentially revising one’s estate plans.
6. Regular Reviews:
Even in the absence of significant life transitions, it’s advisable to review your estate plan every 3 to 5 years. This routine check makes sure your wishes are accurately and adequately represented, addressing any potential discrepancies in time.
7. Tax Law Updates:
Keep abreast of any changes in state or federal tax laws. These amendments can impose new obligations or introduce opportunities for optimizing estate planning strategies.
The Assurance of Staying Updated
Updating your estate plan shouldn’t feel overwhelming. By ensuring it reflects your current life situation and wishes, you gain peace of mind and clarity. This October, take action. Schedule a consultation with a professional or start reviewing your documents today. Recognize that this proactive step can bring confidence and comfort knowing your legacy is secured as you intended.