How Often Should I Update my Will?

It is important to keep your will up to date. Just as important as storing your life insurance policy in a safe place. If you neglect making changes when it is necessary it could cause problems for your heirs. It could also mean that your original wishes were unable to be conveyed to your heirs or even to any charities you would like to leave with a significant contribution. If you were to die with a will, but with one that still has your deceased brother as your executor, it could create bigger problems for those you love.

When to Consider a Revision

You probably will not want or need to revise your will once a year. When you get your will properly drafted with the help of an estate attorney there is a cost involved which you will not want to incur very often, as it is. Although, that is not to say the cost of drafting a will is very expensive. The cost of going without a will is usually far greater for those who have to see your estate settled through a probate court.

Your wishes in that instance would have no bearing at all. Plus, your loved ones would have to settle for whatever the probate deems is the best way to distribute your estate. This could also have tax implications which could be avoided or alleviated by properly allocating your assets through your will to a certain degree. Besides, often there are belongings involved which have a sentimental value to your family. You would not want to see them lose valuable family heirlooms because your will was invalid or nonexistent.

You do not need to update your will on a regular basis, actually. Unless something life changing occurs for you such as the birth of a child, grandchild, or a divorce or even the death of your named executor or executrix, you probably do not need to look to revising it more than every five years or so. Even if nothing life changing has occurred in those five years, it can be a good idea to review it with your estate planner or attorney just to be sure it is still accurate.

However, you may decide that after more than five years have passed since your original draft was completed that you have not experienced anything significant enough to warrant changing or revising your will. It is largely up to you. However, you will want to be certain to make any changes or updates to it any time something occurs which would affect how your estate needs gets distributed.

If this means that after six months from your first completed version you need to revisit your attorney to make an update then you probably will want to go ahead and invest in making the change. Even though it has only been six months since you drafted the original will, you want to get it as up to date and accurate as possible. An invalid will, it is important to note, is as bad as having no will at all. It cannot hurt to have the will looked at every few years just to be sure it is still as accurate as it can be for you.

Remember, the will is meant to make distributing your estate easier. You have control now over how you would like things to be distributed and you have a choice in how your estate is settled. While it is not necessary to update the will on a regular basis, you will want to be sure you update it as often as is needed.

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