Wills are important and powerful legal documents. They control the distribution of an individual’s property. They also appoint people to positions of authority after the testator dies.
A large percentage of adults do not have a will, so simply drafting a testamentary instrument puts an adult ahead of the proverbial curve. However, a will is most effective when it accurately reflects an individual’s current circumstances.
Many people let their wills become outdated, as they set them aside and never review them again. The best protection comes from routinely reviewing and updating wills and other estate planning documents. How frequently should reviews and revisions occur?
Life changes rapidly and also gradually
Although a will does not expire and lose its authority if too much time passes, it may include outdated and inappropriate terms. In some cases, older estate planning documents can provide the legal basis for a will contest.
Regularly reviewing and updating estate planning documents reduces the likelihood of conflict and litigation after an individual dies. The testator can also ensure that they appoint the right people to positions of authority and provide appropriate inheritances for their beneficiaries.
Most people should review their wills two to three times per decade. Revisions may only be necessary when they determine that their circumstances have changed enough to warrant modifications to the existing terms. A review is also critical after major changes. The loss of a family member, a divorce or even remarriage could warrant making significant adjustments to an existing will.
Reading a will every few years and after major family changes can help people ensure that their documents remain accurate. Testators who have invested in the creation of wills may also benefit from routinely assessing them and making adjustments as necessary.