October marks National Estate Planning Month, which makes it an ideal time to revisit your estate plan and ensure it still reflects your current wishes and circumstances.
Even if your plan was thoughtfully created, life doesn’t stand still, and your documents shouldn’t either. Here are a few common reasons it may be time for a review:
- You’ve experienced a major life event. Marriage, divorce, the birth or adoption of a child, or the loss of a loved one can all affect how your estate plan should be structured.
- Your financial situation has changed. A new job, salary increase, property purchase, or business venture are good reasons to revisit your plan.
- You’ve moved to another state. Estate laws vary widely, so a relocation could impact the validity or effectiveness of your current documents.
- Your beneficiaries or intentions have changed. It’s a good idea to confirm that your listed beneficiaries still align with your current wishes.
- Health or medical considerations have come up. If your health or that of a loved one has changed significantly, your plan may need to be updated to reflect new priorities or care needs.
- There have been changes to tax laws. Updates at the state or federal level may create opportunities (or new obligations) worth factoring into your estate plan.
Even without major life changes, we typically recommend reviewing your estate plan every three to five years to ensure everything is current, accurate, and aligned with your goals.