Previously I wrote an article discussing how often you should review your estate plan. To further assist you in your estate planning, below is a list of some (but not all) of the events that should trigger a review of your estate plan:
- Marriage, divorce or death of your spouse.
- Birth of a child or grandchild.
- Your children becoming financially independent.
- A new job or job promotion.
- A dramatic increase or decrease in your wealth.
- After starting a new business.
- After the purchase of life insurance.
- After moving to a different state (your estate plan should be reviewed by an attorney licensed to practice in that state).
- Prior to a decision to make a large gift to charity.
- An increase in the likelihood that you may be subject to litigation where some or all of your assets may be at stake.
- After the purchase of new property.
As set forth in my prior article, even though none of the above events may have happened to you in any given year, it is my recommendation that you review your estate plan once a year to ensure that it continues to conform to your estate planning goals, as estate planning goals change from year to year.