If your family situation has changed since you prepared your estate plan, you're ripe for an update. Key family changes that can affect an estate plan include:Marriage. In some states, marriage invalidates a will written before the marriage, while in others the old will standsâeven if your new spouse is omitted.
Having children. You may want to include children, stepchildren, and grandchildren in your will. You may also want to name guardians for your children and establish a trust to manage their inheritance until they reach a certain age.
Divorce. If you're like most people, your will leaves everything to your spouse, and your spouse is also the beneficiary on insurance policies and financial accounts. While this is usually revoked by state law once you're divorced, you shouldn't leave it to chanceâget a new estate plan and change your beneficiary designations.
If you're changing your will because of marriage or divorce, be sure to review and update your healthcare designations and general powers of attorney.