THE “CHANGE OF PLANS” CHECKLIST

As life changes, we can underestimate the impact of life events on the financial plans we've created. This checklist is designed to trigger memories of any life changes you may have experienced in recent months, and also alert you to the parts of your financial plan that may be affected.

How to Use This Checklist

Review each life event below and check any that apply to your situation. The colored indicators show which financial areas may need attention and the urgency level for seeking professional help.

T
Taxes
In
Investments
Is
Insurance
Em
Employee Benefits
Es
Estate Plan
Sl
Student Loans
🔴 RED
Seriously, don't try this without the help of a professional
🟠 ORANGE
It would be helpful to contact a specialist
🟡 YELLOW
You may be able to handle this yourself
👨‍👩‍👧‍👦 Family Structure
Change or potential change in marital status
T Is Em Es Sl RED
Death of spouse
T In Is Em Es Sl RED
Preparing for pregnancy or currently pregnant
T Is Em Es Sl YELLOW
Preparing for adoption
T Is Em Es Sl ORANGE
Change in number of dependents (birth of child, loss of child as dependent)
T Is Em Es Sl YELLOW
Financial responsibility for family member outside your home (e.g. parent, sibling)
Is YELLOW
Change in status of spousal support
T YELLOW
🏠 Home Ownership
Buying or refinancing a home (including investment property)
T In Is Es Sl ORANGE
Buying a home out of state
T Es RED
Selling or accessing the equity in an existing home (including investment property)
T ORANGE
Considering an out of state move
T Sl YELLOW
Damage to home or planned repairs or renovations
Is YELLOW
🏥 Health
Weight loss ≥ 10% of body weight
Is YELLOW
Change in status of diagnosed condition (initial diagnosis, improved outlook)
Is Em RED
Prolonged health concerns and/or diagnosis
T Is Es Em ORANGE
Terminal diagnosis of self or spouse
Is Es RED
Death of a spouse
T Em Is In RED
Stopped smoking
Is Em YELLOW
Decline in health of family member for which you may be responsible
Em Is In ORANGE
Major surgery completed or planned within 12 months
T Em YELLOW
Have access to an HSA, FSA or Dependent FSA
T Sl In YELLOW
💼 Employment
Changed employment status (new hire, laid off, retirement)
T Em Is YELLOW
Eligible for a bonus
T Is YELLOW
Consistently work overtime hours
Is YELLOW
Increase in total household income of greater than 20%
T Sl ORANGE
Decrease in household income
Sl YELLOW
Earn more than $200,000
T Em Is Sl ORANGE
🎓 Student Loan Borrowers
Changed employment status with a nonprofit or government entity
Sl YELLOW
Paying on an Income Driven Repayment (IDR) plan
T Em In YELLOW
Owe less than your income in federal student loans
Sl YELLOW
Have private student loans
Sl YELLOW
Have Parent PLUS loans
Sl ORANGE
Have a cosigner or serve as a cosigner on a private student loan
Sl In ORANGE
👶 Children
Identification of special abilities or learning differences
Es T Em Is RED
Start of private schooling or college
T In YELLOW
Distributed funds to children from business
T ORANGE
Child(ren) with unearned income
T In YELLOW
Planned major support for child (home purchase, PLUS student loan, financial gift)
T ORANGE
📈 Equity Compensation
Changed employment status with a company offering equity compensation
T In Em RED
Within 90 days of company exit with unexercised stock options
In T Sl RED
Exited with company stock in your 401(k)
T In ORANGE
Vested equity compensation within last 6 months
T Sl In ORANGE
Company has gone or will go public
T Sl In RED
📋 Estate Planning and Charitable Giving
Established a will or trust
Is In T Em RED
Designated persons as trustee, executor or guardian(s) for your minor children
Es ORANGE
Death of a person relevant to your estate plan (spouse, trustee, guardian, beneficiary)
Es In RED
Change in preference for persons or terms relevant to your estate plan
Es ORANGE
Planning to pass property or stock to a loved one
In T YELLOW
Death or decline in health for a parent or elderly family member
Es In Is YELLOW
Inherited property or investments
T ORANGE
Planning significant charitable contributions in the coming years
T YELLOW
Donating stock or property to charity
T Es ORANGE
✅ Next Steps

What to do after completing this checklist:

🔴 RED items: Schedule a consultation with a financial professional immediately. These situations require expert guidance to avoid costly mistakes.

🟠 ORANGE items: Contact a specialist within the next few weeks. While not immediately urgent, professional advice will be valuable.

🟡 YELLOW items: Research your options and consider whether you feel comfortable handling these changes yourself, or if you'd prefer professional guidance.

Remember: This checklist serves as a starting point. The affected areas listed are not comprehensive, but rather conversation starters to help you identify potential updates needed in your financial strategy.