How Often Should I Update My Will as Life Circumstances Change?

As an essential part of estate planning, having a valid will in place can be a relief. However, this doesn’t mean you never need to think about your will again. If your life circumstances change or if there is a substantial change in the law, your will may need to be updated. A wills attorney in Columbia, MD will be able to provide you with trusted legal advice about any changes you should make.

Should I Update My Will as Life Circumstances Change?

Do You Need to Update Your Will?

Your will determines who will receive your property and possessions after you die, and it is a legally binding document. For this reason, it’s vital that everything contained in a will be up-to-date and correct. A change in life circumstances can alter your wishes, but there are no laws in Maryland that will automatically supersede your will. It’s therefore essential that you update your will with any alterations necessary if your life circumstances change.

What Changes Should Prompt a Review of My Will?

Everyone’s personal affairs are different, so a change in circumstances doesn’t necessarily mean you will want to change your will. However, if there are any significant events in your life or your circumstances change, it’s good practice to review your will. Some of the changes that should prompt this include:

• Marriage
• Divorce
• Birth or adoption of a child
• Birth or adoption of a grandchild
• Death of an executor
• Death of a beneficiary
• Changes in your assets

You should also review your will if there are any changes in the law to ensure your estate planning still achieves the desired goals. This applies to all circumstances but is particularly important if any trusts are being established in your will.

How Do I Update My Will?

If you want to make changes to your will, you can either add a codicil or you can write a brand-new will. The latter option is the simplest and automatically revokes all provisions made in the previous will. However, if the changes are relatively straightforward, a codicil may also be an appropriate option.

Many people alter their wills as their circumstances change, but it’s critical that any amendments are properly executed. This prevents any challenges to the validity of your will. Any changes should be carried out by an experienced wills lawyer who can ensure all changes comply with state and federal legal requirements. They can also advise on whether a codicil or a new will would be the better option.

Consult a Wills Attorney in Columbia, MD

As legislation can be different in every state, it’s advisable to use an experienced wills lawyer who is familiar with Maryland laws. As well as updating your will if there are any changes, it’s also a good idea to review your will every 3–5 years. This ensures that there aren’t any changes you have missed and that your will still achieves your goals. Your attorney can help execute any changes, as well as provide advice on what may need reviewing.

With a primary focus on elder law and estate planning, we can assist with your will. Whether you want to create a new will or update an existing one, contact us today at Elville and Associates in Columbia, MD. We also have offices in Rockville and Annapolis, MD, for your convenience.

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