October is National Estate Planning Month—a timely reminder to revisit and refresh your estate plans. While your original plan may have been well-considered, life changes rapidly, and an outdated estate plan can create unnecessary complications or fail to reflect your true intentions. Here are seven reasons to revisit your estate plan:

Life Events

Significant life events, such as marriage, divorce, childbirth, adoption, or the loss of a loved one, warrant updates to your estate plan. These events can profoundly alter your wishes or responsibilities, necessitating revisions in your legal documents.

Financial Changes

Experiencing financial changes like a new job, a promotion, purchasing real estate, or starting a business should prompt a fresh look at your estate planning. These changes can impact the value of your estate and the strategy best suited to manage it.

Relocation

Moving to a new state can affect your estate plans due to differing legal requirements and regulations. Ensure that your plan complies with your new location's laws to maintain its effectiveness.

Beneficiaries

It's crucial to verify that your named beneficiaries still align with your current relationships and intentions. Over time, personal relationships and priorities can shift, making it vital to update this part of your plan.

Health Issues

Changes in health—whether your own or that of a loved one—might necessitate updates to healthcare directives or power of attorney arrangements. Making these changes ensures that your healthcare preferences and responsibilities align with current realities.

Tax Law Updates

State or federal tax law changes can create new obligations or opportunities for estate planning strategies. Regular reviews can help you take advantage of beneficial changes or adjust to new tax responsibilities.

Regular Reviews

Even if no major life changes occur, estate plans should be reviewed every 3 to 5 years for accuracy and relevance. Regular reviews ensure that your plan continues to reflect your true intentions and remains legally sound.

Updating an 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. Consider scheduling a consultation with a professional or begin reviewing your documents this month to ensure your estate plan is up-to-date and comprehensive.