10 Life Events That Prompt Revisiting Your Estate Plan - PART 1

Posted by Jacklyn Truppa | Jul 24, 2023 | 0 Comments

Estate Planning: Embracing Life's Changes for a Secure Future

Estate planning is often treated as a "set-it-and-forget-it" task, akin to hanging a timeless piece of art on the wall. But here's the truth: life is unpredictable, and those changes can significantly impact your estate plan. It's time to break it down and ensure you're well-prepared for whatever twists life throws your way. Throughout this engaging and personable journey, we'll sprinkle in "estate planning" to keep things on point.

Number 1: Your Assets or Liabilities Changed

Life is a rollercoaster of ups and downs, and so are your finances. Whether you've acquired new assets, sold property, or taken on debt, these changes should be reflected in your estate plan. By updating asset distribution, beneficiary designations, and financial provisions, you ensure your loved ones receive precisely what you intend. If you lack an asset inventory, fret not! Let's create one together to avoid any future messy situations.

Number 2: You Bought, Sold, or Started a Business

Venturing into business ownership introduces a whole new realm of complexity. So, if you've recently bought or sold a business, it's crucial to incorporate these changes into your estate plan. We'll ensure your business is well-taken care of and facilitate smooth ownership transfers if needed. Remember, your business is more than just an asset; it's a valuable legacy for your loved ones.

Number 3: You Gave Birth or Adopted a Child

Congratulations on the newest addition to your family! As a parent, adjusting your estate plan becomes imperative to secure your child's future. We'll help you name Guardians for your child, create a Kids Protection Plan, and set up Trusts or other means for their financial well-being. Let's ensure your little bundle of joy is always cared for, no matter what.

Number 4: Your Minor Child Reached the Age of Majority (or Will Soon)

Time flies, and your kids grow up fast. When your children reach the age of majority, it's time to revisit your estate plan. We'll ensure their inheritance is distributed wisely and appoint someone to make healthcare decisions on their behalf if needed. Additionally, a Lifetime Asset Protection Trust can safeguard their future from unforeseen legal issues.

Number 5: A Loved One Dies

Losing a family member is never easy, and it can significantly impact your estate plan. If the departed was meant to inherit assets, we'll update your documents accordingly. Furthermore, we'll help you appoint new individuals to fill any roles they had in your estate plan. Let's ensure your plan adapts to life's ups and downs.

Now, we understand that estate planning reviews can be easily postponed. But here's why they matter: your estate plan serves as the ultimate safety net for your family and finances, both now and in the future. So, let's not treat it as a set-it-and-forget-it task. We're genuinely passionate about this, and that's why we offer free plan reviews every three years!

And here's a tip: if any of these life events occur before your scheduled review, don't wait! Get your plan professionally reviewed right away. Being proactive is always better.

We cannot stress enough the importance of estate planning for your peace of mind and your family's security. It's like wrapping yourself in a cozy blanket on a chilly day – comforting to know you're all taken care of.

If you're thinking, "Hey, it's been a while since I last checked my estate plan," or "I've never created one," don't worry! There's no better time to start than now. Let's embark on a journey together to create a comprehensive estate plan tailored to your family dynamics and goals.

To get started, click here to schedule a free 15-minute discovery call. It's a chance for us to get to know each other, discuss recent life changes, and design a plan that brings you absolute peace of mind.

Stay tuned for more! In the next blog, we'll explore five additional life events that warrant a revisit to your estate plan. Mark your calendars!

At Dynasty Law, LLC, we're not just about drafting documents – we empower you to make informed decisions about your life and legacy, ensuring your loved ones are protected, no matter what life throws your way. Our Family Wealth Planning Session™ will get you financially organized like never before, so you can make the best choices for your family. Ready to take the first step? Give our office a call at 1(312) 284-4304 to schedule your Family Wealth Planning Session today.

Disclaimer: This article is a service of Dynasty Law, LLC. We're not your typical law firm – we genuinely care about you and your family's well-being. The information provided here is for educational and informational purposes only and should not be considered ERISA, tax, legal, or investment advice. For specific advice tailored to your unique needs, seek independent professional services. Let's start your estate planning journey today!

About the Author

Jacklyn Truppa

Hello! I am Jacklyn Truppa, the founder of Dynasty Law, LLC. I am so happy to share with you the steps that can help protect your family, to provide you peace of mind. First and foremost congratulations on taking such a courageous step and may...


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