Estate planning is never a once and done process and nothing highlights this more than someone who has failed to update their materials after a major change in their life. Your estate plan should always be reevaluated with any significant life changes such as divorce, a new marriage, births or other developments. Updating your will should always be a priority.
All of your documents including your life insurance policies and your wills should be evaluated carefully after these major events. If you fail to do this, for example, after a divorce, your spouse still could maintain the legal ability to make decisions on your behalf or may even inherit assets you did not intend for them to have.
Estate planning is your set of legal documents that spells out who gets your assets when you die as well as who is responsible for making critical medical decisions and financial decisions on your behalf if you are unable to do so.
Ideally, your estate plan will make things easier for your heirs if you suddenly pass away but your contingent beneficiaries on life insurance policies, retirement benefits and more, all need to be updated when you have big changes in your life, especially if your current spouse passes away. Divorce and the birth of a child are other major life events that should prompt you to update your estate planning materials with a lawyer.