Estate Planning After a Major Life Event

You just got married, moved into a new home, and life feels full. Estate planning is probably the last thing on your mind, but it should be near the top of your list. Life changes fast. Your estate plan needs to keep up.

Whether you’ve recently said “I do,” finalized a divorce, or welcomed a new child into your family, each of these moments reshapes your legal and financial picture in ways that your existing estate plan — or lack of one — may not reflect. Here’s what you need to know about all three.

You Just Got Married — Now Update Your Estate Plan

Marriage is a legal milestone, but it doesn’t automatically fix your estate plan. If you die without a will in Virginia, state intestacy laws determine who inherits your assets. In straightforward situations, your spouse will likely receive a portion — but not always everything, especially if you have children from a prior relationship. The law follows a formula; it doesn’t know what you actually want.

There’s another common trap: beneficiary designations. Your life insurance policy, retirement accounts, and bank accounts all have beneficiaries named on file — and those designations override your will. If your policy still lists your mother or a former partner, that’s who receives the money. Marriage alone does not update those designations.

After marriage, make sure you have:

• An updated will naming your spouse
• A Durable Power of Attorney (so your spouse can manage finances if you’re incapacitated)
• A Healthcare Directive or Advance Medical Directive
• Updated beneficiary designations on all accounts and policies

If either spouse brings children from a prior relationship into the marriage, the planning becomes even more important. A well-drafted estate plan ensures that both your spouse and your children are protected, and that no one is accidentally left out. Estate planning after marriage in Virginia is one of the most valuable steps a newly married couple can take.

Divorce Changes Everything — Including Your Estate Plan

Divorce is one of the most disruptive legal events in a person’s life, and it has real consequences for your estate plan. Many people assume that once a divorce is final, their ex-spouse is automatically removed from everything. That’s not entirely true.

Virginia law does revoke certain provisions — for example, gifts to a former spouse in a will are typically voided after divorce. But federal law governs retirement accounts like 401(k)s and IRAs. Under ERISA, the named beneficiary on those accounts controls who gets the money, period. If your ex-spouse is still listed on your 401(k) and you die before you update it, they receive those funds regardless of what your will says or what a divorce decree requires.

To update your estate plan after divorce in Virginia, take these steps right away:

• Execute a new will that reflects your current wishes
• Revoke or replace any powers of attorney that named your former spouse
• Update beneficiary designations on every retirement account and life insurance policy
• Consider establishing a trust to hold and protect assets for any children from the marriage

Divorce is exhausting, and adding paperwork to an already difficult time can feel overwhelming. But updating your estate plan is one of the most important things you can do for yourself and your children once the dust settles. Don’t wait.

A New Baby Changes Your Priorities — Make Sure Your Plan Reflects That

The arrival of a child changes everything about what’s at stake. Suddenly, you’re not just thinking about yourself — you need to think about who will care for your child if something happens to you.

A guardianship designation in your will is the only legal mechanism for expressing who should raise your child if both parents pass away. Without it, a court makes that decision. The judge will do their best, but they don’t know your family, your values, or your wishes. Designating a guardian for minor children in Virginia is one of the most urgent reasons to have a will.

When a child arrives, also:

• Add your child as a beneficiary — but do it through a trust if the child is a minor, since minors in Virginia cannot directly receive inherited assets
• Consider a testamentary trust (built into your will) or a revocable living trust to manage assets until the child reaches adulthood
• Review your life insurance coverage and increase it to account for your new dependent
• Update your Power of Attorney and Healthcare Directive while you’re at it

One practical tip: don’t wait until after the baby arrives. Update your estate plan during pregnancy, when you have more time and energy. Your child’s protection starts before they take their first breath.

How Often Should You Review Your Estate Plan?

A good rule of thumb: review your estate plan every three to five years, or after any major life event. Marriage, divorce, and the birth of a child are the most common triggers — but they’re not the only ones. Other reasons to revisit your plan include the death of a beneficiary or named guardian, a significant change in your assets, a move to a different state, or starting a business.

A quick self-check: can you answer yes to each of these?

• Do you have a current will or trust?
• Are your beneficiary designations up to date on all accounts and policies?
• Have you signed a Durable Power of Attorney and Healthcare Directive?
• Have you named a guardian for any minor children?

If any answer is “no” or “I’m not sure,” that’s a signal to schedule a review. An estate plan update in Virginia doesn’t have to be a major undertaking — it just has to happen.

We’re Here When Life Changes

Updating your estate plan doesn’t have to be complicated or expensive. One meeting with an experienced Virginia estate planning attorney can give your family real peace of mind — and real protection.

Whether you’ve recently married, gone through a divorce, or welcomed a new child, the team at Smith, Barden, Bradley & Wells, PC is here to help. We work with families throughout the Richmond area and Midlothian, Virginia to create estate plans that reflect their lives as they actually are — not as they were five years ago.

Contact us today to schedule a consultation. We’ll walk you through exactly what needs to be updated and make the process as straightforward as possible.