Once signed, is your Last Will & Testament good “forever”? If not, what are the most common events that should make you consider updating your will?
Normally a Last Will & Testament should be written with enough flexibility that it does not need to be continually updated. However, it is a good idea to review it once a year to make sure it is still current.
There are some situations that should cause you to immediately consider an update:
- You are getting, or have gotten a divorce;
- Your spouse has passed away;
- You have moved to another state;
- You have won the lottery or otherwise come into a large sum of money or property;
- You were single, and now have a child;
- You have an additional child which may not be provided for in your current will, or a grandchild that you would like to specifically name as a beneficiary;
- A major person named in your will (beneficiary, executor, or alternate) has died, become disabled, or cut ties with you;
- You are becoming physically, emotionally, or mentally vulnerable in some way;
- Any other major change in your life that could affect the desired distribution of your property.
- You realize that your will is many years old or you are not sure that the form of the will is current with today’s law.
Any of the above changes should trigger a review of your will.
If you find that you need changes made, small changes can be made with a codicil (a sort of “attachment” to the original will, done in a specific way). In some cases it is better to draft a new will.
A consultation with one of our probate attorneys can help determine if you need a new will, a codicil, or no changes at all. We will listen to your concerns and help you decide.
Kalish Law Office – Wills, Estate Planning, Powers of Attorney.
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