When Should I Update My Will?
By: Jason Simmons | Published November 30, 2020
A common question that I get from clients and others is when they should update their Will and other estate planning documents. While it may be a bit cliche, my favorite answer to this (and many others) is simply that it depends.
Every good estate plan should build in at least one or two layers of contingencies. This includes who receives your property upon your death as well as who will serve as personal representative, or successor attorney-in-fact for a financial or healthcare power of attorney, or if applicable, successor trustee for a trust. To further expand upon the “it depends” answer, my follow-up will be, what has changed between when your documents were originally prepared and now? Some of the more pointed questions to ask include the following:
• Have there been any major life events to me or anyone I have named in the documents (i.e., has a spouse or family member had a catastrophic health event)?
• Have I moved from one state to another?
• Has my property changed or increased in value substantially?
• Are all of my children now grown, responsible adults, when they may have been minors before?
• Are my successors still living and/or able to serve?
• If my primary beneficiaries do not survive me, do I still want to leave property to my contingent beneficiaries?
• Do I still want to have the same people serve as guardian for my minor children?
• Have my spouse or I been diagnosed with an illness that would make it inappropriate for us to be listed as the personal representative or attorney in fact for each other?
• Have I become aware of a substantial change in the law that might impact my planning?
These are but a few questions that one should ask themselves when deciding whether it is time to update their estate planning documents. How often should this review occur? My recommendation to clients is every two to five years, or upon the happening of a major life event to you or anyone you have named in your documents.
If it has been a while since you have reviewed your Will or other estate planning documents and you would like to do so with one of our attorneys, please contact us. We would be happy to work with you to make sure that everything reflects your current wishes and that you are up to date.