When to revisit your estate planning
Natural consequences of these actions (+ having a baby, etc.)
The Tennessee Code prescribes those actions that will effectively revoke a will. Among the list of intentional actions of burning and destroying the previous will or creating a subsequent will, include divorce, marriage, and birth a new child.
For example, pursuant to TCA 32-1-202, if an individual gets divorced or their marriage annulled, “the divorce or annulment revokes any disposition or appointment of property made by the will to the former spouse, any provision conferring a general or special power of appointment on the former spouse, and any nomination of the former spouse as executor, trustee, conservator or guardian, unless the will expressly provides otherwise.”
Basically, the statute is saying that any provision that conveys power or property to the former spouse will be deemed invalid. All other provisions of the will remain intact.
However, if the individual remarries the former spouse, those provisions are “revived” so long as the individual has not signed a second will or remarried.
Other areas that require action to correct
- Life insurance policies
- 401(k), IRA and Financial Investments
- Title of your home
- Ancillary documents, such as durable power of attorney and health care power of attorney designations
- Trust documents