October is National Estate Planning Month, making it the perfect time to review and refresh your estate plan. If you created your plan years ago—thinking it would last indefinitely—it may no longer reflect your life, relationships, or financial situation.
Life changes quickly, and outdated estate plans can create unnecessary complications or fail to carry out your true wishes. At Christina Vaughan Law in Hammond, Louisiana, we help clients ensure their plans stay accurate, legally sound, and aligned with Louisiana’s estate laws.
Here are seven important reasons to revisit your estate plan today.
1. Beneficiaries
Over time, relationships change. Check whether your named beneficiaries still reflect your current intentions. Births, deaths, and changes in family dynamics can all impact who you want to inherit your assets.
2. Relocation
If you’ve recently moved—especially from another state—your estate plan may not comply with Louisiana’s legal requirements. Relocation can affect everything from wills to powers of attorney, making a legal review essential.
3. Financial Changes
Big financial milestones—such as starting a new job, receiving a promotion, purchasing real estate, or launching a business—can significantly impact your estate plan. Updating your documents ensures your assets are distributed exactly as you intend.
4. Life Events
Marriage, divorce, the birth or adoption of a child, or the passing of a loved one are all moments that should trigger a review of your estate plan. These updates help ensure your documents match your present reality.
5. Health Issues
Changes in your health—or the health of family members—might require adjustments to healthcare directives or powers of attorney. These updates ensure your medical wishes and decision-making preferences are clear and enforceable.
6. Tax Law Updates
State and federal tax laws change over time. New laws can create opportunities to protect more of your estate—or present risks that require proactive planning. Staying informed helps you take advantage of beneficial strategies.
7. Regular Reviews
Even if you haven’t experienced major life changes, reviewing your estate plan every three to five years keeps it relevant and compliant with current laws. Think of it as routine maintenance for your family’s security.
Protect Your Future—Start Today
Updating your estate plan doesn’t have to be overwhelming. The peace of mind that comes from knowing your plan reflects your current wishes is invaluable.
This National Estate Planning Month, take the opportunity to protect your family and your legacy. Call Christina Vaughan Law at 985-444-0010 to schedule a consultation with an experienced estate planning attorney in Hammond, Louisiana.