This is a common
question I hear from clients, and it's a very good question. Unfortunately, with any legal inquiry of this nature, the answer is
usually "it depends." While that's not a very helpful answer, there are some major life events that
should prompt you to consider updating your Will.
- Your marital status
changes. If your
current Will was prepared while you were single and you are now married, you
should update it to adequately provide for your spouse after your death. If
either of you have children from previous relationships, a well-crafted estate
plan can best provide for your blended family. A divorce also means that your
Will no longer reflects your estate planning needs and it should be updated.
- A birth or adoption. If you have new children, your Will should be revised to ensure that the children are properly provided for if something happens to you. It is also important to name a guardian and conservator to be responsible for your children and their inheritances, in the event both parents pass away before the children reach the age of 18.
- Serious illness or disability. If you or a family member develops significant medical needs, your estate planning priorities may change. Your new Will should address those concerns.
- Death of a beneficiary or fiduciary. If someone named in your Will has died, the document may need to be updated in order to adapt to the changes. Missing heirs or personal representatives may result in the probate court making those decisions without your input.
- You move to another
state. A valid Will
executed in one state is generally valid in other states. However, each state
has different laws, with their own quirks. A new Will executed in your new
state of residence will be more effective in representing your needs. If you executed a holographic Will (hand-written and signed by you) in another state and moved to Minnesota, it will not be recognized by courts here and will be deemed invalid.
- Your children grow up. Once your children are no longer minors, provisions for appointing a guardian or conservator may no longer be necessary. Different children find different levels of success in adulthood, and your new Will should accommodate the present needs of your children. Providing for grandchildren may be a new concern that was not anticipated in your current Will.
- The value of your assets changes significantly. If you just received a large inheritance, or won the lottery, it would be prudent for you to speak with a qualified tax or estate planning attorney. Your new-found wealth may subject you to gift and estate taxes, and you may need guidance to minimize those tax liabilities.
- Changes in property assets. If you just bought or sold a major asset, such as real property, your Will should reflect those changes.
- You are less sure about your financial situation. If your net worth has diminished or you have concerns about the economic uncertainties today you may wish to reconsider or adjust bequests made in your current Will.
- Changes in tax laws. Your Will should reflect the current tax landscape. New tax laws could suddenly impact the administration of your estate, possibly to the detriment of your heirs.
It would also be a good idea to routinely look over your Will from time to time, perhaps once a year, to make sure that its provisions still reflect your intent and your current situation.
* * *
While no estate plan can adequately anticipate every life contingency, a well-crafted Will can help provide for your loved ones in the manner you intend. Nevertheless, when big life changes occur, it's always a good idea to talk with a qualified estate planning attorney to determine the best strategies going forward.