What Events Trigger Changes to the Estate Plan? Part One

Most events can be broken down into three categories Personal, Financial and Legal. The following is a review of several common events in the Personal category, but it is by no means exhaustive:

Personal Events:

  • Marriage, separation or divorce
  • Birth, adoption or guardianship of a child
  • Incapacity and/or declining health
  • Beneficiary* or fiduciary becomes incapacitated or develops special needs
  • Beneficiary gets married or divorced, or has children
  • Minor beneficiary becomes an adult
  • Beneficiary chooses highly litigious career field
  • Beneficiary begins engaging in substance abuse
  • Relationship with beneficiary or fiduciary (e.g. Trustee, Executor, Health Care Representative, etc.) changes for personal or geographic reasons
  • Spouse, other beneficiary, or fiduciary dies
  • Beneficiary creates estate plan (there may be ways to coordinate plans to maximize efficiency)

* When you are identifying events (personal or financial) that trigger changes in the estate plan, remember that a “beneficiary” can include a potential beneficiary as well.

Estate planning is not an event…it is a process. It is prudent to review your estate plan every year. If you think it may be time to review and/or update your Estate Plan, please give us a call at (203) 651-5521 or use our online contact form HERE.