Many people think creating a will is a one-time task, but life changes, and your will should be updated to reflect those changes. For older adults, certain events like moving into senior living, losing a spouse, or experiencing a change in care needs can affect what’s in a will and how it should be updated. This article highlights key moments when it’s important to review and update your will.
Keep in mind that it’s always wise to consult an estate planning attorney to ensure that your updates are valid and reflect your current intentions.
Moving to senior living
If you are relocating from your home to a senior living community, such as assisted living or a nursing home, you should review your will for several reasons. Depending on your situation, some of these reasons may apply to you:
- Selling a home to move into a senior living facility changes your asset portfolio.
- Downsizing by selling or gifting your personal possessions may require a change to specific instructions in your will.
- You may have gained or lost other financial assets like long-term care insurance benefits or retirement accounts.
- Different state laws may affect how wills are interpreted or executed.
- Moving into a senior living facility can be expensive and may significantly change your ongoing expenses, savings, and assets.
- If you’re using Medicaid to pay for care, you may want to structure your estate to meet eligibility rules or protect certain assets for your spouse or family.
Moving out of state
When you relocate to a new state, there are important legal and personal reasons to review and update your will, including the following:
- Estate and probate laws vary by state. Updating your will after a move can help ensure compliance with any applicable state laws.
- Some states have estate or inheritance taxes, while others don’t. Updating your will can help avoid unnecessary taxes or penalties.
- Your will should reflect changes if you’ve sold a home during your move.
- If you moved closer to or farther from certain family members, you might want to update who receives your assets.
It can be helpful to discuss the terms of your will with an attorney in your new state to make sure you don’t violate any state laws.
Changes in financial status
If your financial situation changes significantly, it’s important to review and update your will. If you lose a large amount of money or sell assets, your will might list money and items you no longer have. This can cause confusion or delays for your family when settling your estate.
On the other hand, if you receive an inheritance, buy property, or gain other valuable assets, those should be added to your estate plan so they’re handled the way you want. Any major financial change is a good reason to make sure your will suits your current situation.
Marriage, divorce, or the death of a spouse
Marriage, divorce, or the death of a spouse are major life events that require a review of your will. Updating your will after any of these changes helps eliminate any confusion about your intentions once you have passed away.
Failing to make updates can leave your family in a bind. If a valid will does not distribute certain property, state law handles the distribution, which may prevent your family from receiving the financial security you planned for them.
Changing family dynamics
The goal of having a will in place when you die is to ensure that all your property is distributed to the individuals you want to receive it. If there are any major changes in your family, it’s a good time to update it.
For example, if a new child or grandchild is born, or if someone new joins the family, you may want to add them as a beneficiary. If someone named in your will passes away, you may want to reassign their part of the inheritance.
Updating your will after major family changes helps ensure that your wishes are still clear and that your loved ones are taken care of.
Getting a medical diagnosis
If you receive a serious medical diagnosis, it is important to review and update your will. This is especially true if your illness will affect your cognitive health and your ability to make decisions in the future. If your cognition is likely to decline, it’s important to ensure your will clearly reflects your current wishes while you are still able to make legal decisions.
Any serious medical diagnosis may cause a shift in your priorities. You may want to adjust how your assets are divided, or you may simply feel a more urgent need to make changes you’ve had in mind for a while.
Updating your will after a diagnosis helps avoid confusion later and gives you the peace of mind that your affairs are in order and your loved ones will be taken care of the way you want.
Changing your mind
Sometimes, you simply change your mind about who to include in your will, and that’s a perfectly reasonable time to update your will. Families and close relationships are complex, and if they undergo changes, you may want to update the beneficiaries named in your will.
It is also important to update your will if you develop a passion for a new cause as you age. For example, if you’ve started volunteering at an animal shelter, you may want to leave the shelter a charitable donation in your will.
Your will should always reflect your current wishes. If your feelings or plans have changed, it’s important to update it so there’s no confusion later on.
Changing your executor
Your last will and testament will include a person called an executor. The executor is the person who will be responsible for carrying out the wishes listed in your will. It is time to update your will if your current executor is unable or unwilling to serve in this capacity.
Failure to have an executor can affect how long it takes for your loved ones to receive the gift you intended for them. Some states will appoint an executor, but it is always better for you to retain control over your property by naming the executor you choose.
If your will has not been updated recently
Consider how long it’s been since you last updated your will. Reviewing your will every few years can be helpful, even if no major triggering event occurs. Over time, laws can change, assets can shift, and relationships can evolve. Something that made sense five or ten years ago might not reflect your current wishes or situation today.
Don’t delay in updating your will
Updating your will is one of the most important steps you can take to protect your wishes and make things easier for your loved ones. Life changes like moving, health issues, family changes, or changes to your financial situation can all indicate it’s time to update your will. Keeping it up to date ensures your assets are distributed the way you want and helps prevent confusion or legal issues down the road.
If you’re unsure where to start, consult an estate planning attorney to ensure that your will is current, valid, and aligned with your goals.
This information is for educational purposes and is not legal, financial, tax, or investment advice. It should not be substituted for information from professionals authorized to practice in your area. You should always consult a suitably qualified professional regarding your specific situation.
