Most clients assume I will answer with a specific number of years; seven to ten years is the most anticipated answer. But what I actually say is the most dreaded answer I lawyer can offer, it depends.
When to update a will is fact dependent more than time dependent. Take my life for example:
- In 2006 I got married, and my name went from a long name to a very long name and my middle name fell away;
- In 2008 our son was born;
- In 2009 my father died;
- In 2010 our daughter was born; and
- In 2014 my mother died.
All of those events mark a time when estate plans should have been reviewed and updated to reflect name changes, additions to the family, as well as exits from the family. And it was not just my husband and I who should have reviewed our papers, it was our parents as well. Spouses passed on, grandchildren were born, names changed, etc.
If you are wondering if it is time to update your will, ask yourself:
- Have I moved states?
- Did anyone key to my plan get married, die or have a child?
- Are the people named in my will still apart of my life, or have we become estranged for some reason?
- Has someone new entered my life who was not there the last time I considered my will.
Remember, a blog is educational rather than legal advice. Please consult with an attorney licensed in your state for assistance specific to your need. And thank you for reading!