October is National Estate Planning Month—a timely reminder to revisit and refresh your estate plans. Many people create estate plans, believing they're set for life. However, life changes rapidly, and an outdated estate plan can create unnecessary complications or fail to reflect your true intentions. Below, we share seven compelling reasons to revisit your estate plan now.

Life Events

Significant life events like marriage, divorce, childbirth, adoption, or the loss of a loved one warrant updates to your estate plan. These changes can significantly alter your family dynamic and, as such, should be reflected in your estate planning documents to ensure your wishes are accurately represented.

Financial Changes

Experiencing financial changes, such as a new job, a promotion, purchasing real estate, or starting a business, should prompt a fresh look at your estate planning documents. These factors can affect asset distribution and tax implications, making it essential to ensure your plan remains relevant and effective.

Relocation

Moving to a new state can affect estate plans due to differing legal requirements and regulations. Estate laws vary from state to state, and what may be valid in one location may not hold in another. It's crucial to adjust your plan to comply with your new residence's laws.

Beneficiaries

Verify that your named beneficiaries still align with your current relationships and intentions. Over time, relationships evolve, and your chosen beneficiaries may no longer reflect your wishes. Regular updates ensure your assets are distributed according to your most current preferences.

Health Issues

Changes in health—either personal or among loved ones—might necessitate updates to healthcare directives or power of attorney arrangements. These changes ensure that your health care and financial decisions are handled by trusted individuals in alignment with your current condition and wishes.

Tax Law Updates

State or federal tax law changes can create new obligations or opportunities for estate planning strategies. Staying informed about these changes can help avoid unintended tax burdens and enhance your estate's efficiency.

Regular Reviews

Even in the absence of major life changes, estate plans should be reviewed every 3 to 5 years for accuracy and relevance. Regular reviews help ensure that your plan remains comprehensive and reflective of current laws and personal circumstances.

Updating an estate plan doesn’t have to be overwhelming. By maintaining an up-to-date estate plan, you gain peace of mind and clarity, knowing your wishes are accurately reflected. Take the opportunity this National Estate Planning Month to either schedule a consultation with a professional or begin reviewing your documents today.