October is National Estate Planning Awareness Month—an ideal time to review your plan.
If you already have an estate plan, you’ve taken an important step toward protecting your loved ones and your legacy. But an estate plan isn’t something to create once and forget. Life changes, laws change, and your goals evolve. To make sure your wishes are still carried out as intended, it’s recommended that you review and update your estate plan every three to five years, or sooner if a major event occurs.
Below are some of the most common times when an update may be needed.
Major Family Changes
Welcoming a new child or grandchild, experiencing a marriage, or losing a loved one are among the most common reasons to revisit your estate plan. These events can significantly shift your priorities and require new beneficiary designations or guardianship arrangements.
Divorce or a Change in Relationships
If a marriage ends or relationships evolve, it’s essential to adjust your documents to ensure your assets go to the right people. That may mean removing a former spouse, adding new beneficiaries, or updating who will make decisions on your behalf through powers of attorney or health care proxies.
A Child Becomes an Adult
When children turn 18, they gain legal independence, and you lose the automatic ability to make medical or financial decisions for them. Updating your estate plan can include helping your adult children set up their own essential documents, such as a Power of Attorney, HIPAA Release, and Health Care Proxy.
Retirement or Career Changes
Transitioning into retirement or starting a new business often changes your financial picture. Reviewing your estate plan helps ensure your savings, investments, and business interests are properly protected and distributed according to your wishes.
Receiving or Leaving an Inheritance
If you inherit significant assets, or if you plan to leave an inheritance, it’s a good idea to revisit your plan. You’ll want to account for new property, tax considerations, or charitable gifts that reflect your current values and goals.
New Laws or Tax Changes
Estate laws at both the state and federal level are regularly updated. Even if your personal circumstances haven’t changed, legislation might impact how your assets are taxed or distributed. Reviewing your plan ensures it remains compliant and takes advantage of any available benefits.
Charitable or Legacy Goals
As your values or priorities evolve, you may wish to add—or adjust—charitable giving in your estate plan. Including a charitable trust or donation to an organization close to your heart can help your legacy live on through causes that matter to you.
Simply, the Passage of Time
Even without a major life event, it’s smart to review your estate plan periodically. A review every three to five years allows you to confirm that your decisions, chosen representatives, and listed assets still reflect your wishes.
Estate Planning Made Simple and Secure
At MCV Law, our Estate Planning attorneys help people achieve peace of mind. We take the time to get to know your story, your needs, and your goals—then craft a plan that fits. Our team also assists with updates and estate administration to make sure your plan stays current and effective when it’s needed most.
MCV Law can help you create or revise:
- Wills
- Durable Powers of Attorney
- Revocable and Charitable Trusts
- Health Care Proxies and Living Wills
- Special Needs Trusts
Look after them.
Estate Planning isn’t just for you—it’s for your family.
Contact MCV Law today to create or update your plan.