A couple of months ago, we wrote a post about wills and how people could challenge a will based on a claim of undue influence upon the grantor. We want to to continue the discussion about wills today, but take it in a different direction: when you have a will, it is imperative that you update it frequently.
Now this may seem obvious, but many people take a “make it and forget it” approach to their wills. Once they have it in place, the grantor thinks that their estate is protected and perfect. However, over time there will be moments that should motivate the grantor to check his or her will and update it as necessary.
Many of these moments will be instantly recognizable. For example, if you get married or divorced, or if you have children, then these are some obvious moments that should make your revise your will. In addition to these life events, if you obtain a significant asset or if your estate falls in value significantly for some reason, then you should update your will.
Then there are some less obvious moments that should make your review your will. For example, did your child recently turn 18? Did your children have children? Did state laws regarding estates change recently? Did a beneficiary pass away, or did your relationship with a beneficiary dramatically and irreparably change? All of these circumstances should make you question your will and update it as necessary.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” Accessed April 13, 2018