Creating a will or estate plan early is a proactive step to ensure your wishes are honored and your estate is handled correctly. However, having a will isn’t enough—it’s crucial to keep it updated. An outdated will can create confusion, delays, and even legal challenges during the probate process.
While a will can remain valid for decades, its effectiveness diminishes over time if it doesn’t reflect changes in the law or your personal circumstances. To avoid these issues, consider consulting an experienced Woodbury, MN wills attorney who can help keep your estate plan current.
The Consequences of an Out of Date Will
Chances are that a 20-year-old document will not consider updates to the law or changes in the family’s life situations. For example, the person who the deceased named as the will executor may not be someone that they kept in touch with for 20 years. So when the time comes to execute the will, the changes will wreak havoc to the process and make it more challenging for the court and the beneficiaries to decipher the will and close the probate.
Anyone can write their will as early as they can. But they also have to make sure that it stays updated and in line with the most recent laws and life situations. Some of the new things that the probate court looks for in wills include:
- What happens to electronic property?
- Who has access to the deceased’s passwords?
- Should the executor be required to take out a bond or insurance policy?
Failing to address these considerations in your will can complicate probate, delaying the process and creating unnecessary stress for your loved ones. To avoid these pitfalls, review your estate plan periodically or when major life events occur. Learn more about the common problems in will drafting and how to avoid them.
The Best Practice: Redo the Will
It’s not enough to amend an old will—sometimes, the best solution is to rewrite it entirely. As a rule of thumb, you should redo your will every 10 years or after significant life changes, such as:
- The birth of grandchildren. Read more about updating your will for new grandkids.
- Losing touch with family members or changing relationships.
- Changes in tax laws or probate guidelines.
By redrafting your will, you can ensure it aligns with your current family structure, financial situation, and any new legal requirements.
What About Revocable Trusts?
Unlike a will, a revocable trust bypasses probate entirely, making it a more flexible option in some cases. Revocable trusts can remain effective for longer periods without requiring updates, but even these documents should be reviewed and redone every 20 years or so to account for significant changes in life circumstances or laws.
If you’re considering whether a will or trust is appropriate for your estate, read about how IRS tax rules affect irrevocable trusts. Understanding the differences can help you make informed decisions about your estate planning needs.
A revocable trust, on the other hand, does not go to court. And because of that, this document can last a little longer than a will in terms of being updated. But it’s still worth it to redo a revocable trust every 20 years or so.
Things in a person’s life can change over time. Laws also change, as well as court processes and guidelines that pertain to probate. It’s always a good practice to redo a will every now and then to reflect these changes and ensure smooth and effective execution.
Why Keeping Your Will Current Matters
Life and laws change over time, and your estate planning documents should reflect those changes. An outdated will can cause more harm than good, delaying probate and complicating the process for your loved ones.
Whether you have substantial assets or not, it’s critical to maintain an updated will. If you’re unsure whether you need a will, learn more about its importance for estates of all sizes in our article: Do I Need a Will If I Don’t Have a Lot of Assets?
