Wills are crucial estate planning tools. A will might include the name of a guardian to care for young children. People can name specific beneficiaries and allocate particular assets for them to inherit. A will may also designate a trusted individual to serve as the personal representative of the estate. For some people, wills are the only estate planning documents they have. They can achieve all of their primary goals with just a will.
For that document to retain legal authority, it needs to be an accurate reflection of the testator’s wishes. Outdated documents are subject to contestation in probate court in some cases. There are some scenarios in which updating documents is particularly beneficial.
A change in marital status
When the person who drafted the will gets married, divorces or loses a spouse, their estate plan likely requires a drastic overhaul. Spouses tend to be the primary beneficiaries of estates, so removing a former spouse can be as important as adding protection for a new spouse. Spouses may also hold positions of authority in trusts and other key estate planning paperwork. Major revision may be necessary to modify a will and other documents to reflect the changed marital status of the testator.
The acquisition or liquidation of assets
Discussing what should become of high-value resources is often a key element of estate planning. Testators may need to update documents to remove language addressing assets that they have sold or given to others. They may also need to add additional instructions for new assets they have acquired.
Changes to beneficiaries
The people who may inherit from an estate plan can change as time passes. People may have children or may add grandchildren to their families. They may lose loved ones or remarry and gain a new spouse. Anytime the pool of people who should inherit from an estate plan changes, a will likely needs to reflect those changes.
Substantial adjustments in family circumstances make estate planning updates an important undertaking. Those who maintain updated wills have the confidence that comes from knowing they can leave a meaningful legacy should anything unexpected happen. Knowing when to update a will can help people properly protect their loved ones.