How Do I Update My Estate Plan After A Life Event Like A Marriage Or Divorce?

Written By Kevin McKernan

Estate planning is about creating a roadmap for your financial and personal wishes after different life events. 

What is an Estate Plan? 

Estate planning encompasses a variety of legal documents and strategies that outline my desires 

regarding asset distribution, healthcare decisions, and guardianship for dependents. An estate plan can include wills, trusts, healthcare proxies, and power of attorney documents. These tools work together. 

Life Events That Trigger Updates

Any significant life event, such as marriage or divorce, can have a profound impact on your estate plan.

Marriage and Its Impact 

Divorce and Estate Planning Changes 

There's also a significant need for reassessing and updating an estate plan. It must ensure that a former spouse is no longer included as a beneficiary or decision-maker in legal documents. This step is vital to protect assets and ensure that they go to different individuals. 

Updating beneficiaries, reallocating assets, and designating a new power of attorney can significantly alter the landscape of an estate. 

Key Documents to Review

  • Wills and Trusts 

  • Beneficiary Documents 

  • Updating Powers of Attorney 

  • Medical Power of Attorney 

  • Financial Power of Attorney 

  • Communicating Changes with Loved Ones 

  • Importance of Transparency

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007

Kevin McKernan
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