7 Reasons to Update Your Estate Plan This National Estate Planning Month

October is National Estate Planning Month, making it the perfect time to review your estate plan. At Haynes Group LLC, serving clients in both Maryland and Washington, D.C., I often meet families who created their estate plans years ago and haven’t looked at them since. While it’s great to have a plan in place, life changes quickly, and an outdated estate plan may not protect your family or reflect your true wishes.

Here are seven important reasons to revisit and update your Maryland or Washington, D.C. estate plan.

1. Financial Changes

Have you recently started a new job, received a promotion, purchased property, or launched a business? These financial milestones are key indicators that your estate planning documents may need an update. Reviewing your will, trust, or powers of attorney ensures your plan aligns with your current financial situation and goals.

2. Major Life Events

Significant events such as marriage, divorce, the birth or adoption of a child, or the passing of a loved one should trigger an estate plan review. Updating your Maryland or Washington, D.C. will or trust makes sure your intentions are clearly documented and carried out without confusion.

3. Relocation to Maryland, D.C., or Another State

If you’ve moved to a new state—or into or out of Washington, D.C.—it’s important to confirm that your estate plan complies with the laws of your new location. Estate planning rules vary, and what worked in one jurisdiction may not be valid in another. A Maryland or Washington, D.C. estate planning attorney can review your documents to ensure they meet all local requirements.

4. Beneficiary Designations

Over time, your relationships may change, and so should your beneficiary designations. Regularly reviewing the beneficiaries listed in your will, trusts, and retirement accounts ensures your assets are passed to the right people.

5. Health Concerns

If you or a loved one has experienced new health challenges, you may need to update healthcare directives, powers of attorney, or guardianship designations. Having clear instructions in place can provide peace of mind during unexpected medical situations.

6. Tax Law Changes

Federal and state tax laws shift frequently, and these changes can significantly impact your estate. Reviewing your plan with a Maryland or Washington, D.C. estate planning lawyer helps you stay ahead of new obligations and identify potential tax-saving strategies.

7. Routine Reviews

Even if you haven’t had major life changes, it’s a best practice to review your estate plan every three to five years. This ensures everything remains accurate, effective, and legally valid.

Take the Next Step This National Estate Planning Month

Updating your estate plan doesn’t have to be stressful. In fact, refreshing your documents can give you peace of mind knowing your wishes are current and your loved ones are protected.

At Haynes Group LLC, I help families create and update wills, trusts, powers of attorney, and more. This National Estate Planning Month, make it a priority to revisit your plan. Your future self—and your loved ones—will thank you.

Contact Haynes Group LLC today to schedule a consultation with me, an experienced Maryland or Washington, D.C. estate planning attorney.