As the weather cools down and the year begins to wind to a close, October is the ideal month to pause and review your estate plan. Between busy summer months and the rush of the holidays, fall offers a moment to make sure your documents still reflect your wishes and your family’s needs.
Here are a few things to consider this time of year:
Have there been any changes in your life this year?
Major life events like marriage, divorce, the birth of a child or grandchild, or a significant career change can impact your estate plan. Even smaller changes, like the sale or purchase of a home, inheritance, or changes in your financial situation, may require updates. Taking stock of these developments ensures that your estate plan accurately reflects your current circumstances and provides the protection your loved ones need.
Are your beneficiaries and decision-makers still the right choices?
It’s important to periodically review who you’ve named as beneficiaries on your accounts, as well as who you’ve appointed as executor, trustee, or healthcare power of attorney. People’s circumstances change over time—relationships evolve, or someone may no longer be able to fulfill the role effectively. Updating these choices now can prevent confusion and potential conflicts later.
Is your plan aligned with your current goals?
Your long-term goals may shift as you progress through life. Perhaps you want to leave a larger gift to a favorite charity, set up a trust for a child’s education, or make specific plans for the care of a family member with special needs. October is a great time to make sure your estate plan still reflects your values and priorities, so your assets are distributed according to your wishes.
Take advantage of the season to organize.
Before the end-of-year rush, gather your important legal and financial documents, check that they are safely stored, and make a list of where each can be found. Let your loved ones know who holds key documents, such as wills, trusts, insurance policies, and powers of attorney. Keeping everything organized ensures that your family can access what they need quickly and without stress.
Taking a little time this fall can give you peace of mind heading into the holidays—knowing your estate plan is up to date and your family is protected.
If you haven’t yet created your estate plan or it’s been a while since your last review, we’re here to help guide you through every step and answer any questions you may have.
Lori Vella is an Estate Planning and Business Attorney. She works virtually throughout Florida and New York, but has her home office in Tampa, Florida. She is mom to a little boy which ignited the passion for helping other families. She and her son enjoy car rides, playgrounds and taking mini-adventures. They also have an organic garden that surprisingly yields vegetables. Lori considers herself well-versed in Seinfeld and welcomes any trivia!
Disclaimer: The Law Office of Lori Vella’s website contains general information directed to Florida residents. This firm does not intend to give legal advice through its pages and/or blog. If you need legal advice, we encourage you to find an attorney licensed in your state. This language on this website does not create an attorney-client relationship between you and this firm.