If you have already developed an estate plan, congratulations! You are already a step ahead of more than half of American adults. However, it is also important to understand that estate planning is not a “set it and forget it” undertaking—to borrow a phrase from a well-known infomercial. You need to review your plan on regular basis to make sure that it is still ready to meet your evolving needs. In addition, there are certain situations or life changes that may require you to update or make changes to your estate plan.

Getting Married or Divorced

When you get married, your new spouse does not automatically become a beneficiary in your existing estate plan. He or she will only inherit a portion of your estate if you update your plan. On the other hand, a divorce will nullify any provisions in your will that pertain to your ex-spouse, but only once the divorce is finalized. You will need to choose a new beneficiary to receive the portion of the estate once meant for your spouse.

Keep in mind that you will need to update your named beneficiaries on retirement accounts and other investments. A divorce will not automatically revoke your ex’s status as beneficiary for those type of assets.