10 Life Events That Trigger An Estate Plan Review - Part 2

Posted by Jacklyn Truppa | Jul 31, 2023 | 0 Comments


Estate planning may seem like a one-time chore to cross off your list, but in reality, it's an ongoing process that needs to evolve with your life. To ensure your estate plan continues to serve you effectively, it must adapt to the changes you experience along the way.

I can't stress enough how crucial it is to review your estate plan with your attorney at least every three years. However, if any major life events occur before that, you should act promptly and have your plan reviewed immediately to ensure it remains current and aligned with your wishes.

Let's dive into five more life events that signal it's time to give your estate plan a thorough review.

06 | You Became Seriously Ill or Injured Facing a sudden illness or injury can leave you unable to handle your affairs.

To be prepared for such situations, your estate plan should include Powers of Attorney for healthcare and finances. These essential documents empower someone you trust to manage your assets, pay your bills, and make medical decisions on your behalf if you are unable to communicate.

It's also wise to include healthcare directives outlining your preferences for treatment and care. This way, your appointed Power of Attorney can confidently make decisions that respect your wishes and values.

07 | You Moved Here From Another State Moving to a new state means being subject to different laws and regulations regarding estate planning.

If you've recently relocated after completing your estate plan, don't wait too long to have it reviewed by a local attorney. Ensuring that your plan complies with your new state's requirements can prevent delays and confusion when it needs to be implemented.

Working with a local attorney will provide you peace of mind, knowing that your estate plan is optimized for your current state's laws.

08 | You Got Married Congratulations on your marriage! This joyous occasion also requires careful attention to your estate plan.

While some states automatically grant certain rights to your spouse, it's essential to make specific provisions to ensure your assets pass smoothly to your new partner if anything happens to you.

Reviewing beneficiary designations, shared asset arrangements, and creating protective provisions for your spouse will safeguard their well-being and financial security.

09 | You Got a Divorce The end of a marriage can be challenging, and it necessitates an immediate review of your estate plan.

After a divorce, it's likely that you'll need to make significant revisions to your plan, such as creating a new Will and Trust, updating beneficiary designations, and reevaluating asset distribution to reflect your new circumstances.

If you have children from your previous marriage, it's essential to update guardianship arrangements and ensure their financial needs are adequately addressed.

10 | The Law Changed Tax laws are notorious for their constant changes, and estate tax exemptions can significantly impact your estate plan.

If there have been substantial alterations to federal or state estate tax laws, it's vital to review your plan with an estate planning attorney. This will help you minimize tax burdens and preserve more of your wealth for your loved ones.

Keep in mind that even if you weren't previously affected by estate taxes, changes in federal estate tax law are anticipated in 2026. Reviewing your plan now will help you determine how these changes may affect your family's estate tax status, potentially saving them considerable sums.

By Your Side Through All of Life's Changes Your estate plan serves as a vital foundation, ensuring the protection of your family and finances both now and in the future. As your Personal Family Lawyer®, I'm committed to supporting you through all of life's changes, ensuring that your estate plan remains current and effective, no matter what life throws your way.

Every three years, I offer my clients a complimentary review of their estate plans. But don't hesitate to reach out at any time if you have questions about life events that might affect your plan before then.

I'm here to help you create an estate plan that safeguards your loved ones and secures your legacy. Whether you need to create a new plan or have an existing one reviewed, I'd be honored to assist you. Let's get started - Click here to book a meeting!

This article is brought to you by Jacklyn A. Truppa of Dynasty Law, LLC.  We're not just about drafting documents; we're dedicated to ensuring you make informed and empowered decisions about life and death for yourself and your loved ones. Our Family Wealth Planning Session™ offers you the opportunity to gain unprecedented financial organization and make the best choices for those you care about.

Please note that the content provided is sourced from Dynasty Law, LLC. We believe it offers accurate information, but this material is intended solely for educational and informational purposes. It does not constitute ERISA, tax, legal, or investment advice. If you require specific legal advice tailored to your needs, please seek such services independently from this educational material.

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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