National Estate Planning Month, it's an excellent time to revisit and review your estate plan. Life changes and evolving circumstances can impact your estate plan, and keeping it up to date is essential to ensure it continues to reflect your wishes and provide for your loved ones.
Here are a few signs it might be time to revisit your estate plan:
- Major Life Events - Have you experienced significant changes such as marriage, divorce, the birth or adoption of a child, or the passing of a loved one? These events can significantly impact your estate plan.
- Changes in Financial Assets - If you've acquired or sold substantial assets, like real estate or investments, or had a significant bump in salary, updating your plan to reflect these changes is crucial.
- Beneficiary Updates - It’s essential to review and, if necessary, update your beneficiaries to ensure your assets are distributed according to your current wishes.
- Health Changes - Any significant changes in your health or the health of your beneficiaries should prompt a review of your estate plan.
- Changes in Tax Laws - Updates to federal or state tax laws can affect your estate plan. Staying informed and adjusting your plan as needed can help minimize tax liabilities.
In general, we recommend you review your estate plan every three to five years, even if you haven't experienced any significant life changes. This periodic review ensures that your plan remains current and effective.
If you have any questions or need assistance with updating your estate plan, please don’t hesitate to reach out. We're here to help you ensure your wishes are honored and your loved ones are protected.
