National Estate Planning Month: Time for a Check-In
October is National Estate Planning Month, providing a timely reminder to revisit and refresh your estate plan. You might have set up your estate plan years ago thinking you were set for life, but as we all know, life changes rapidly. An outdated estate plan can create unnecessary complications or fail to reflect your true intentions. This blog will explore seven essential reasons to revisit your estate plan.
Tax Law Updates
State or federal tax law changes can significantly affect your estate planning strategies. It’s essential to understand how these changes create new obligations or open new opportunities that could benefit your estate.
Beneficiaries
Life changes might mean your originally named beneficiaries no longer align with your current relationships or wishes. It’s crucial to review and, if necessary, update beneficiary designations to ensure they reflect your current intentions.
Relocation
Moving to a new state? Different states have different legal requirements and regulations that can impact your estate plan. It’s wise to revise your plan in light of local laws to avoid future legal headaches.
Health Issues
Changes in health—whether personal or involving loved ones—might necessitate updates to healthcare directives or power of attorney arrangements. Your provisions should reflect your current health status and preferences.
Financial Changes
Have you recently received a promotion, started a business, purchased real estate, or changed jobs? Such financial shifts should signal a fresh look at your estate planning documents to ensure they still meet your financial realities.
Life Events
Events like marriage, divorce, childbirth, adoption, or the loss of a loved one significantly impact your estate planning considerations. It’s important to update your plan to reflect these major life events.
Regular Reviews
Even without major life changes, estate plans should be reviewed every three to five years for accuracy and relevance. This regular check-in helps ensure your plan is up to date with your current life situation and goals.
Updating an estate plan doesn’t have to be overwhelming. Taking the time now can bring peace of mind and clarity, ensuring that your plan truly reflects your current wishes. This October, take action by scheduling a consultation with a professional or beginning the review of your estate planning documents today.