7 Reasons to Update Your Estate Plan This October

October is National Estate Planning Month—a timely reminder to revisit and refresh your estate plan. If you created your plan years ago, it might feel like it's set for life. However, while your original plan may have been well-considered, life changes rapidly. An outdated estate plan can create unnecessary complications or fail to reflect your true intentions. Let's explore seven important reasons to dust off and review your estate plan today.

Life Events

Have you recently experienced significant life events like marriage, divorce, childbirth, adoption, or the loss of a loved one? Such changes warrant updates to your estate plan to ensure it still aligns with your life's journey, particularly under intestacy laws in New York.

Financial Changes

Financial circumstances often change, whether it's due to a new job, a promotion, purchasing real estate, or starting a business. Each of these financial shifts should prompt a fresh look at your estate planning documents, keeping in mind potential tax implications and the probate process.

Relocation

If you've moved to a new state, your estate plan may need adjustments. Different states have varying legal requirements and regulations that can impact your existing arrangements, including estate planning basics like powers of attorney.

Beneficiaries

Verify that your named beneficiaries still align with your current relationships and intentions. Changes in relationships or preferences may mean it's time for an update, ensuring heirs receive their intended legacies.

Health Issues

Changes in health, whether yours or among loved ones, might necessitate updates to healthcare directives or power of attorney arrangements. Make sure your wishes are well-documented and reflective of current realities.

Tax Law Updates

State or federal tax law changes can create new obligations or opportunities for estate planning strategies. It's crucial to stay informed and make necessary adjustments to optimize your plan and navigate the complexities of the current legal landscape.

Regular Reviews

Even if you haven't encountered major life changes, estate plans should be reviewed every 3 to 5 years. This regular check ensures accuracy and relevance, keeping your intentions intact over time.

Updating your estate plan doesn’t have to be overwhelming. Imagine the peace of mind and clarity that comes from knowing your plan truly reflects your current wishes. Take charge now by scheduling a consultation with a professional or begin reviewing your documents this month. The best time to act is today.