Estate Planning After Marriage, Divorce, or a Move

Marriage, divorce, and relocation are among the strongest reasons to review an estate plan. Each event can change family rights, tax treatment, property ownership, decision-makers, and the practical usefulness of existing documents. AFTER MARRIAGE. A new spouse may receive statutory rights even if an older will says otherwise. Beneficiary forms, joint accounts, life insurance, and retirement plans should be reviewed. Couples should also decide whether property will remain separate, become jointly owned, or be addressed by a marital agreement. AFTER DIVORCE. Many states revoke certain provisions for a former spouse, but the scope of those rules varies and federal law or plan documents may produce a different result for some benefits. Update the will, trust, powers of attorney, health-care documents, beneficiary forms, transfer-on-death arrangements, and emergency contacts. Do not rely on automatic revocation statutes. AFTER A MOVE. A will or power of attorney validly executed elsewhere may remain valid, but local institutions and professionals may be unfamiliar with it. Illinois, Minnesota, and Wisconsin use different probate procedures, deed practices, marital-property rules, statutory forms, and execution requirements. Wisconsin’s marital-property system can substantially affect ownership analysis. Real estate in more than one state may also create ancillary probate concerns. OTHER LIFE CHANGES. Births, adoptions, deaths, disability, estrangement, business formation, retirement, and major changes in wealth also justify review. A beneficiary who was appropriate ten years ago may no longer be the right choice. USE A CHECKLIST. Review fiduciaries, beneficiaries, guardian nominations, distribution ages, account ownership, insurance, retirement plans, real estate, business agreements, and digital assets. Confirm that the people named know where documents are stored. THE BOTTOM LINE. Estate planning is not a one-time transaction. A prompt review after a major change is far easier than asking a court or family to repair an outdated plan later. This article provides general educational information and is not legal advice. Consult a qualified attorney about your specific circumstances.