What Events Trigger Changes to the Estate Plan? Part Two

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

Financial Events

  • Increase or decrease in wealth
  • Increase or decrease in life insurance
  • Change in allocation of taxable vs. tax-deferred or tax-free investments (e.g. the beneficiaries and form of distribution should be reviewed in the context of the overall estate plan)
  • Real estate purchases and sales (in-state)
  • Real estate purchases and sales (out-of state)
  • Changes in the financial status of a beneficiary
  • Business changes (start-up, purchase, sale, anticipated transfer during life or after death)
  • Gaining a dependent (e.g. parents or other relative)
  • Losing a dependent (e.g. child becomes financially independent)
  • Beneficiary or beneficiary’s spouse gets into financial troubles.

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.