Six Possible Updates to Your Estate Plan After a Job Change

As life goes on, new opportunities present themselves. At times, this may mean a new job, a promotion, or even a chance to retire. These are exciting changes that should be celebrated. However, it is equally important to consider how a shift in your employment situation may impact your estate planning needs and goals. Your estate planning attorney may advise you that a job change creates a need for modification to your existing plan.

Estate Planning Modifications Following a Job Change

What types of changes might your attorney recommend following a change in your employment? The following are six examples:

  1. Updating your living trust to incorporate estate or income tax savings provisions if your income level is substantially increasing.
  2. Modifying all of your estate planning documents to change reference to your place of residence if you have moved to a new city or state.
  3. Adding new estate planning tools to minimize potential estate tax liabilities that may not have been an issue prior to your job change.
  4. Changing the people that are in charge of administering your living trust if your estate is now more complex. For example, you may want to consider using a professional or corporate trustee.
  5. Reallocating your assets if the type and nature of your assets have changed. For example, you may want to reassess your life insurance needs if your new job provides such benefits.
  6. Reassessing your existing provisions that allow someone to quickly and easily take control of your assets in the event you are unreachable or incapacitated.

Keeping up-to-date with your estate plan is a crucial part to the plan’s success. This may mean modifying your plan after important life events, or updating your documents due to changes in laws or the creation of new techniques. For more helpful tips about the latest estate planning news, we invite you to sign up for our free newsletter today.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm
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