October is National Estate Planning Month, providing a timely reminder to revisit and refresh your estate plans. It's easy to understand why you might have thought your previous estate plan was set for life, but life has a way of changing rapidly. An outdated estate plan can create unnecessary complications or fail to reflect your true intentions. Here's a look at seven important reasons to revisit your estate plan:

Life Events

Marriage, divorce, childbirth, adoption, or the loss of a loved one are significant life events that warrant updates to your estate plan. These events can affect your priorities and wishes, making it crucial that your estate plan reflects these changes.

Financial Changes

Changes in your financial situation, 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 financial changes can have significant implications for your plan.

Relocation

Moving to a new state is another reason to revisit your estate plan, as legal requirements and regulations can differ substantially from one state to another. Ensure your estate plan complies with the laws of your new locale.

Beneficiaries

Verify that your named beneficiaries still align with your current relationships and intentions. Over time, relationships can evolve, and it's important that your estate plan mirrors your present wishes.

Health Issues

Changes in health, whether personal or among loved ones, might necessitate updates to healthcare directives or power of attorney arrangements. It's essential your estate plan accommodates your current health situation.

Tax Law Updates

State or federal tax law changes can create new obligations or opportunities for estate planning strategies. Stay informed of these updates to optimize your estate plan effectively.

Regular Reviews

Even without major life changes, it's wise to review your estate plan every 3 to 5 years for accuracy and relevance, ensuring it remains up-to-date and reflective of your current wishes.

Updating your estate plan doesn't have to be overwhelming. Knowing that your plan reflects your current wishes can bring peace of mind and clarity. Consider scheduling a consultation with a professional or begin reviewing your documents this month.