How often should I update my will?

Why Updating Your Will Matters

Imagine this: You wrote your will a decade ago, naming your best friend as your executor and leaving your assets to your spouse. Since then, you’ve had two children, bought a vacation home, and your best friend moved abroad. If something happened to you today, would your will still reflect your wishes? Probably not.

Life changes, and so should your will. But how often should you update it? Let’s explore the key reasons and best practices for keeping your will up to date.

When Should You Update Your Will?

Experts recommend reviewing your will every 3–5 years or whenever you experience a major life change. Here are some key events that should prompt a will update:

1. Marriage or Divorce

• A new spouse may automatically be entitled to some of your assets, but your will should explicitly reflect your wishes.
• If you get divorced, failing to update your will could leave an ex-spouse as a beneficiary or executor.

2. Birth or Adoption of a Child

• Ensure your children are included in your will and designate a legal guardian in case of an emergency.
• Consider setting up a trust to manage their inheritance until they reach adulthood.

3. Death of a Beneficiary or Executor

• If someone named in your will passes away, you’ll need to reassign their role or redistribute their inheritance.

4. A Significant Financial Change

• Buying a home, receiving an inheritance, or accumulating new assets should prompt a review of your estate plan.
• If your net worth significantly increases, estate tax planning may become necessary (IRS.gov).

5. Changes in State or Federal Laws

• Estate laws vary by state, and federal tax laws can change over time. Regularly reviewing your will with an attorney ensures it complies with current regulations (Congress.gov).

6. Relocating to a Different State or Country

• State laws governing wills and probate differ, so if you move, your will may need adjustments.
• Some states have different rules for spousal inheritance, taxes, and executor qualifications.

7. Changes in Your Beneficiaries’ Circumstances

• If a beneficiary struggles with debt, addiction, or disability, you may need to reconsider how they receive their inheritance.
• Setting up a special needs trust or other protective measures can help ensure responsible distribution.

How to Update Your Will

If it’s time for an update, you have two main options:

1. Create a Codicil (Amendment to Your Will)

• A codicil is a legal document that makes minor changes to your existing will.
• It must be signed and witnessed, just like your original will.
• Best for small updates, like changing an executor or adding a beneficiary.

2. Draft a New Will

• If you’re making multiple or significant changes, it’s often best to draft a new will entirely.
• Your new will should include a clause revoking all previous wills to avoid confusion.
• Consult an estate planning attorney to ensure legal validity.

Common Mistakes to Avoid When Updating Your Will

• Not revoking your old will properly: If multiple wills exist, courts may struggle to determine which one is valid.
• Forgetting to update beneficiary designations: Some assets (like life insurance and retirement accounts) pass outside your will based on designated beneficiaries.
• Failing to store your will properly: Keep it in a safe but accessible location, such as a fireproof safe or with your attorney.
• Not informing key people: Let your executor and trusted loved ones know where your will is stored.

FAQ About Updating Your Will

1. Can I update my will myself?

Yes, but to avoid legal pitfalls, it’s best to work with an estate planning attorney.

2. Does getting remarried automatically change my will?

No. While marriage may impact some inheritance rights, your will must be updated explicitly.

3. What happens if I don’t update my will?

Your estate may not be distributed according to your current wishes, and outdated provisions could cause legal disputes.

4. Is a handwritten note enough to update my will?

Generally, no. Changes must meet legal requirements, including proper signing and witnessing.

5. How much does it cost to update a will?

Costs vary but typically range from $100–$500 for minor updates and $500–$2,000 for a new will, depending on complexity (Forbes).

Final Thoughts

Updating your will isn’t just a legal formality—it’s essential for ensuring your loved ones are taken care of and your assets are distributed according to your wishes. If you haven’t reviewed your will in years, now is the perfect time to do so.