Is your will up to date? Here is what you should look for

A will is a legal document that can help with the transition of your estate and assets to your heirs upon your death. If you have a will but haven't reviewed it in a while, you should check to see if it needs updating.

If you have a will that you have not looked at in a while, it may be time to dust off the cover and ensure that the document continues to reflect your plans.

Let’s explore various questions to ask yourself that can help you determine if it is time to review and update your will:

Have your intentions or goals changed?

Review the provisions of your will that direct how and to whom your assets should be distributed upon your death. If you have a revocable trust, your will may simply state that the assets of your estate – or the assets that are not already in your trust – be transferred to your trust upon your death and then disposed of per the terms of your trust. In this case, you should review the provisions in your trust to make sure that they still match your goals.

However, if you do not have a revocable trust, the will is your primary estate planning document that identifies and gives direction to your executor to distribute assets to your heirs. You should periodically review these provisions in your will to ensure that they still meet your current goals. Questions to consider include:

Have you moved?

You may have signed a will when you were residing in one state, but you have now taken up residency in another. Although most states will accept wills from other states, it is a good idea to have an attorney in your new state of residence review your will to confirm that any state-specific formalities that may be required to have a valid will have been met. For instance, some states may require two witnesses to attest to your signing a will, while others may require three witnesses. Additionally, having your will reviewed and updated may be wise when you are seeking to establish residency in your new state. For instance, if you move from California to Nevada, it may be prudent to have a Nevada attorney prepare a codicil or a new will stating explicitly that you are a Nevada resident at the time of signing the codicil or will.

Has your choice of executor changed?

Is your named executor (i.e., the individual or entity that will step into your shoes to carry out the terms of the will upon your death) still someone you would choose? Are they willing to accept the responsibility? If your child or children are grown now, would you want them to serve instead? Other times, your executor may be deceased or in poor health, or it could be someone that you are not on good terms with anymore.

Has your choice of guardian changed?

If you have minor children, your will is the document where you can tell the court who you want to be their guardian – to take care of them if something happens to you and your spouse (or former spouse). Is your named guardian still someone you would choose? Are they able and willing to accept the responsibility? Your guardian may have gotten older and may not be up to the task of raising young children or teenagers.

Has your net worth changed substantially?

A change in net worth – either up or down – may mean that your estate includes more or less than what you intended to go to specific beneficiaries, depending on how your will is written. Revisit these provisions to see if adjustments need to be made either to the amounts or percentage of the estate passing to specific heirs.

The bottom line

Although the questions above cover some of the most common reasons a will should be reviewed, you should look at your estate planning documents any time there is a major life event. Your heirs will thank you for being proactive, and you will have the comfort of knowing that your legacy goals are properly updated and reflected in your will. Reviewing your will with an attorney can be helpful in making sure everything is up to date and reflected accurately.

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