Does my Will need to be updated?
Reasons to update your Will
The first step is to review your Will and consider whether it meets current goals as written. There are many potential reasons why you may want to update your plans, including:
Family changes:
Family changes:
- Family changes such as births, deaths, marriages, divorces etc., are some of the most common reasons.
- The financial needs of loved ones may have changed.
- You may want to provide for young beneficiaries or others who are not ready for the responsibilities of managing an inheritance. Special provisions may need to be made for them.
Other changes:
- Persons named as executor, trustee, guardian of minor children, etc. may not be able to serve or you may decide to select someone different.
- You may have changed churches and/or now desire to include the church in your Will.
- Tax and other laws have likely changed and could impact costs and administration of your estate
- You may have moved from another state. Each state has its own laws governing administration of estates. Be sure your estate documents comply with the state laws where you currently reside.
- The value of your estate has likely changed and you may wish to reconsider how it should be distributed.
- If you own real estate in a different state, you should consider making changes to avoid costly estate administration in both states. An attorney can explain options for avoiding this additional cost.
How often should I review my Will?
Your Will should be reviewed about every 5 years or whenever there is a significant change to any of the items listed above.
Your Will is a final statement about people and organizations important to you. Be sure you keep it current.
How do I change my Will?
It is always best to have an attorney make changes to your Will. Many changes can be made by a simple amendment called a codicil. If several changes are needed, it may be best to rewrite the entire document.
Some people assume they can modify their Will by writing changes in the margin. You shouldn’t do that; it could invalidate the document.