‘Triggers’ To Your Estate Planning – Time To Review

I have written frequently about certain ‘triggers’ that can affect not only your life, but also your estate plan going forward.

Certainly, changes in the tax code can be a big ‘trigger’, but in this article I am referring to the more personal life events that would cause you to take a new look at both long- range plans and specific financial and estate plan documents.

Marriage and Divorce are two major life events, but think also of whose marriage and divorce?  By this I mean if a child (or even a grandchild if they are mentioned in your will or estate plan) is experiencing a marriage or divorce – it would be time to review what changes you envision to your documents. There are numerous articles written about an ex-spouse inadvertently inheriting.  Remember also, that critical period between the filing for a divorce and the actual decree of divorce. (see my article on my website: Almost Divorced)

Change of job/retirement – affects not only your plans for the future (e.g. possible relocation to a different state and different legal jurisdiction – think community property state) but also any 401(K) plans and investments in your previous or new company (think beneficiary forms) (See my article: 3 Life Events Affecting Your Retirement)

Death of a spouse or family member – anyone you have considered as a beneficiary to your estate. This event requires an important review of all documents.

Disability – if you or a spouse has experienced a dramatic change of health, it may be time to take a look at health care directives, power of attorney, etc. Has a child or grandchild become disabled or receiving disability insurance?

Births – Is there a new child or grandchild and do you want them to share in your estate plan?  Remember, also that depending on the wording of your estate plan, the birth of a step child or one from a ‘blended’ family might have an effect on your planning.

Acquiring or disposing of a major asset – particularly rental property, vacation property, valuable collections or a business that is/was part of your estate plan. Have you had a recent ‘windfall’ such as inheritance, settlement or lottery winning?

All the above are ‘triggers’ – important life events that deserve the new look at your estate plan and your financial position going forward.

Arguable, there are many other important life events.  Keep in mind – if it happened and the event was important to you – then it might just be a ‘trigger’ for your estate planning.


Working to Preserve Your Wealth and Protect Your Future…in a Constantly Changing World


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Visit my website: www.attorneybarbaradalvano.weebly.com for more article and interesting infographics.



About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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