Oct 14 2025 15:00

National Estate Planning Month: Why It’s Time to Review Your Estate Plan in Philadelphia

October is the time to revisit and refresh your estate plans. Many of us create estate plans with the thought that they are set forever. However, life changes quickly, and what may have been a well-thought-out plan years ago might not align with your current circumstances. An outdated estate plan can lead to unnecessary complications and might not reflect your true intentions anymore. Here, we'll discuss seven important reasons why you should give your estate plan another look.

 

Beneficiary Audit

 

First and foremost, review your beneficiaries. It’s crucial to ensure that the people you have named as beneficiaries still reflect your current relationships and intentions. Circumstances change, and what was once appropriate may not be the best choice anymore.

 

Life Events

 

Significant life events like getting married, divorced, having a child, or adopting can dramatically impact your estate planning needs. Similarly, the loss of a loved one requires updates to ensure that your plan reflects your current family situation.

 

Financial Changes

 

Your financial landscape can shift with a new job, a promotion, a real estate purchase, or starting a business. Any of these changes necessitate a fresh look at your estate documents to ensure they align with your newfound financial reality.

 

Relocation

 

Moving to a new state is another important reason to re-evaluate your estate plan. Different states have different legal requirements and regulations that can affect your existing documents.

 

Health Issues

 

Changes in your health, or the health of a loved one, might necessitate updates to your healthcare directives or power of attorney arrangements. This ensures that your medical preferences are respected and acted upon.

 

Tax Law Updates

 

State and federal tax laws are frequently updated and can create new obligations or opportunities for your estate planning strategy. Staying informed and adjusting your plan accordingly can save significant hassle and financial burden down the line.

 

Regular Reviews

 

Regardless of life changes, it is wise to review your estate plan every 3 to 5 years. This helps ensure that all aspects of the plan remain accurate and relevant to your current life situation. Updating your estate plan doesn’t have to be overwhelming. The reassurance and clarity that come from knowing your plan reflects your current wishes are invaluable. Consider scheduling a consultation with a professional or start reviewing your documents this month. Investing a little time now to update your estate plan can provide peace of mind for the future.