October is National Estate Planning Awareness Month. Its goal is to raise awareness about how critical it is to have a plan in place for managing and transferring assets, protecting loved ones, reducing tax burdens and avoiding complications such as probate disputes. While many professionals recommend reviewing your estate every 3-5 years, a less in-depth annual review is prudent given changing tax laws and the many dynamics in your own life. We have previously written several articles to help you with estate matters. This month, we’ll give you a few tips on what to think about as you review your estate plans.
- Review Personal & Family Changes
- Births, deaths, marriages, divorces.
- Changes in relationships with heirs or beneficiaries.
- New dependents (minor children, elderly parents, disabled family members).
- Moving to a new state (estate planning documents are governed primarily by state law, and the rules vary).
- Check Your Will & Trusts
- Confirm executors/trustees are still appropriate and able to serve.
- Update beneficiaries or distribution wishes.
- Ensure trusts still meet their purpose (tax planning, asset protection, special needs, etc.).
- Update Beneficiary Designations
- Retirement accounts (401(k), IRA).
- Life insurance policies.
- Payable-on-death (POD) or transfer-on-death (TOD) accounts. (These override your will, so they need to stay aligned.)
- Review Powers of Attorney & Health Directives
- Financial Power of Attorney.
- Healthcare Power of Attorney/Living Will.
- Check if your chosen agents are still willing and able to serve.
- Inventory Assets & Debts
- List new accounts, property, investments or business interests.
- Remove assets you no longer own.
- Consider digital assets (online accounts, crypto, intellectual property).
- Consider Tax Implications
- Review estate, gift and income tax thresholds (federal and state).
- Take advantage of annual gift exclusions if helpful.
- Update plans if approaching estate tax limits.
- Review Insurance Coverage
- Life insurance: still adequate for family needs?
- Long-term care or disability insurance: still appropriate?
- Evaluate Charitable & Legacy Goals
- Confirm charitable bequests still align with your values.
- Adjust giving strategies (donor-advised funds, charitable trusts, etc.).
- Check Business Succession Plans (if applicable)
- Ownership transfer, buy-sell agreements and management succession.
- Meet with Advisors (even a short check-in can prevent costly oversights)
- Estate planning attorney.
- Financial advisor.
- Tax professional.
You’ve spent a lifetime accumulating your assets. Surely it’s worth your time to be sure your estate plan is in order once a year. If you’d like someone to help you review your estate plan (or get started with one), we’d be pleased to help out in a no-charge, no-obligation initial meeting. Please visit our website or give us a call at 970.419.8212 to set up an in-person or virtual meeting.
This article is for informational purposes only. This website does not provide tax or investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Please consult your tax or investment advisor for specific advice.