When To Update Your Will

A last will and testament, also called a will, is an important estate planning document. It describes how you want your property distributed and who should care for your minor children after you die. A will can also include tax planning techniques to lower the estate tax your estate has to pay.

You make a will because you want the peace of mind from knowing you have provided for your loved ones after you die. You put a lot of thought into it. You decide who gets your property, name guardians for your children, and support your favorite charities. You sign your will before a notary and witnesses to ensure it is legal. Then you put it in a safe place where your family can find it when needed. Once you do all that, you cross it off your to-do list and forget about it.

But life changes. Events, such as a divorce or a new child, can cause your will to become outdated.

You should periodically review your will and update it to account for the changes in your life. A dedicated wills attorney in your area can help create or update your will.

Common Situations When You Should Review Your Will

Regularly reviewing your will ensures it still reflects your wishes for what happens to your property and minor children after you die. In addition to your regular review, you should check and update your will after the following significant life events:

• You marry or remarry. Your spouse may not automatically inherit everything. You likely want to add your new spouse to your will when you get married. In some states, a spouse has the right to at least a certain percentage of your property regardless of whether you include it in your will. But if you want to leave more to your spouse, you should specify the amount in your will. When you remarry, you should update your will to protect your estate for any children you had with your former spouse.
• You divorce. You must revise your will when you get divorced to ensure that your ex-spouse does not inherit your property when you die.
• You have children. You may wish to name a guardian and set up a trust for your children if you die before they reach the age of majority.
• Your children reach the age of majority. You may wish to change the amount you leave to your children or how you want them to receive their inheritance when they become adults.
• You have grandchildren. If you want to provide specific gifts of money or property to your grandchildren, you must revise your will to reflect the changes.
• You experience a significant change in your financial situation. You may want to add more beneficiaries, such as a charity, to your will if your financial situation significantly improves. You may also need to revise your will to account for estate tax implications.
• You move to a different state. Estate laws vary by state. While most states recognize foreign wills (wills created in another state), you should update your will according to your new state’s laws to reduce the risk of legal problems. A local estate planning attorney can be essential to updating your will when you move to a new state.
• The law changes. You should update your will when estate laws or tax laws change.
• You buy or sell real estate: Wills often include real property (also known as “real estate”) and refer to it by its address. Whether you are buying a new home or selling your old one, you should review your will and make necessary changes.

How Can I Update My Will?

There are two ways to update your will. You can legally revoke your original will and execute a new one. You can also make a codicil to your existing will. A codicil is a legal document listing the revisions you want to make to your will. You can think of it as an amendment to your will.

Generally, a codicil is an easy and cost-efficient way to make minor adjustments to your will. For example, if you buy a new vacation home, you can add it to your existing will with a codicil. Be aware that you must follow the same formalities to execute a codicil as you do a will to ensure it is legally enforceable.

If you are making substantial changes to your will, such as adding or removing a beneficiary or significantly changing the allocation of your property, your best course of action is to revoke your existing will and create a new one. Be sure to revoke your old will according to your state’s requirements. If you don’t, your heirs could argue over which version of your will is legal.

An estate planning attorney can help you create a codicil or new will based on your situation.

Speak to an Experienced Wills Attorney Today

Everyday legal matters can become complex and stressful. You need to regularly update your will to protect your family members. Contact a local wills attorney to discuss your specific legal situation. A qualified wills attorney can address your legal needs, explain the law, and, if needed, represent your interests in probate court.