October is National Estate Planning Month—a perfect reminder to revisit and refresh your estate plan. You may have crafted your plan years ago, confident it would stand the test of time. But life changes quickly, and an outdated estate plan can lead to complications, misunderstandings, or even conflict.
At Schnurr Law Firm, P.C., we help individuals and families throughout Iowa—from Fort Dodge and Webster County to Polk and Story Counties—ensure their plans are current, legally sound, and aligned with their wishes. Here are seven important reasons you should consider reviewing your estate plan this year.
1. Financial Changes
A new job, promotion, business venture, or major investment—such as purchasing farmland in Iowa or buying real estate in Des Moines—can significantly change your financial picture. Your estate plan should be updated to reflect these changes and ensure your assets are properly protected and distributed.
2. Major Life Events
Marriage, divorce, the birth or adoption of a child, or the passing of a loved one are all milestones that can reshape your priorities. Updating your estate plan ensures it reflects your current family circumstances and intentions.
3. Relocation
If you’ve moved to or within Iowa from another state, your existing estate plan may not comply with Iowa’s laws. Since each state has its own legal requirements, revisiting your documents ensures your plan remains valid and enforceable here.
4. Beneficiary Updates
Over time, relationships change. Reviewing your beneficiaries—whether for your will, trust, retirement accounts, or life insurance—prevents unintended distributions and ensures the right people benefit from your estate.
5. Health-Related Changes
If you or a loved one experiences significant health changes, your health care directives or powers of attorney may need adjustments. These documents ensure that the person you trust most is empowered to make important decisions when necessary.
6. Tax Law Updates
Both Iowa and federal tax laws can change, impacting how your estate is taxed and transferred. Staying current with these updates can help you take advantage of new opportunities and avoid costly surprises.
7. Regular Reviews
Even without major life changes, it’s wise to review your plan every three to five years. These check-ins help ensure that your plan continues to reflect your wishes, avoids outdated provisions, and adapts to changes in the law.
Take the Next Step This National Estate Planning Month
Updating your estate plan doesn’t have to be overwhelming—especially with guidance from an experienced Iowa estate planning attorney. At Schnurr Law Firm, P.C., we work with clients across Iowa to create and maintain estate plans that provide clarity, protect assets, and honor their intentions.
This October, make time to review your estate plan and ensure it’s ready for whatever the future holds. Contact us today to schedule a consultation and take the first step toward peace of mind.