In theory, a will remains in effect indefinitely after its creation. Testators who create wills can feel confident about retaining control over their legacy and providing support for their loved ones. While the document might retain its legal validity, there are many circumstances in which the testator may feel that a will no longer aligns with their wishes. Updating a will after a change in circumstances is often a beneficial move.
What circumstances might warrant the revision of a will?
Changes in health
For many people, medical issues can motivate them to draft wills when they haven’t already. For others, a change in their health may inspire them to change their documents or expand their estate plan to include living documents, such as advance directives.
Changes in family circumstances
There are many ways that families can change that could require revisions to estate planning paperwork. The birth of children or grandchildren can make updates necessary. The death of beneficiaries could also require careful consideration. Divorce and marriage are also scenarios that make an update to a will necessary.
Changes in assets
Maybe the testator sold their home and needs to modify their estate plan accordingly. Perhaps they acquired valuable resources, such as a business or a vehicle. Any significant changes in personal holdings may make will adjustments necessary.
People may also want to plan to review their estate plans every few years, as circumstances often change slowly, rather than all at once.
Maintaining an accurate and up-to-date will can be as important as drafting a document initially. Testators going through significant personal changes may need to reconsider their wills and modify their plans to better fit their needs.