Do I ever need to update my Will?
Do I ever need to update my Will?
Posted on 11:35h
Wills
by Phelps LaClair Law
As you change, your will should also. It’s important to review your will periodically to ensure that it is still valid, contains all of your assets and reflects your current desires. The attorneys at Phelps LaClair can help you update your will if the need arises. Let’s look at some of the reasons you might need to update your will.
You are likely to experience many life-changing events over the years. You may acquire new assets, open a new company, or move from one state to another. You may need to update your will so that all of the people you care about are included in it. Marriage or Divorce
If your family has recently changed, you may need to update your Will. Although Arizona has
rights of survivorship
, this only applies to assets acquired during the marriage. If you owned the home you and your spouse lived in before you married, make sure you leave it to your partner.
If you named your spouse as the sole beneficiary of your will, but later divorced, then you’ll have to change your Will. If you do not remove your ex-spouse, they will inherit your entire estate if you die. Update your will as soon as your marriage status changes to ensure that your assets are in the right hands.
2: Adoption or Birth of a Child. Welcoming your new child to your family is an exciting milestone. It’s also the perfect time to update your will. You’ll need to add your grandchildren or new children as beneficiaries. You can also designate guardians
to look after any minor children so you know they will be in good care if you ever pass away. If you have a beneficiary or executor named in your will, it is important to update your will. Even if you have named
contingent beneficiaries
, the probate process could end up taking longer if one of your beneficiaries is deceased. Or if you have appointed someone as executor or trustee but they are no longer able serve in this role, it is time to make changes. If you have recently started a new business or made significant investments, or acquired valuable property, it’s time to make changes. Major financial changes can affect how and to whom you distribute your estate. You may want to give your children a share of your business, or give your sibling your new car. It’s important to update your estate plan when you make any changes to ownership. If you’ve recently sold your house or car, but they are still listed in your estate plan, it could cause problems in the validation process.
5: Relocation to or from Arizona
Estate planning laws vary by state. If you have moved to a different state since writing your will, you should review it with an attorney to make sure it is compliant with the laws of your new state. Arizona, for example, is a community property state while other states aren’t. This means that any property acquired during marriage is jointly owned by you and your spouse even if the title is in your name. After you pass, your spouse becomes the sole owner.6: Change in Intentions or Relationships
Relationships can change over time as well. It’s important to update your will if you have become close to someone who was not named in your will or if you no longer want one of your beneficiaries inheriting anything from you. How often should a will be updated? Your personal goals can change as well as the laws. You can gain peace of mind by having a Phelps LaClair attorney review your estate plan. They will also catch any issues you may have overlooked. What Happens If You Do Not Update Your Will?Keeping up with your will is not just good housekeeping, it’s an important step to protect your legacy and loved ones. An outdated will can have serious and unintended consequences. Failing to update your will could lead to:
Assets going to unintended beneficiaries
such as an ex-spouse or an estranged relative.Increased legal costs and probate delays due to court intervention and legal work to resolve disputes or other issues.
Court-appointed executors or guardians
who may not align with your preferences.
Emotional strain on your loved ones
, who must navigate an unclear or contested estate plan.Here’s why keeping your will updated matters:Describe Your True Intentions
: Your relationships and priorities may change over time. Your assets may end up in the wrong hands if you don’t update your will.
Avoid Confusion and Conflict
: Ambiguities or outdated instructions can lead to family disputes, delays in probate, or even court challenges.
Put the Right People in Charge
: Executors, trustees, and guardians should be people you trust and who are capable of fulfilling those roles. If your loved ones have moved away, are ill or have passed on, you may face unnecessary complications.
Minimize Tax and Legal Risks
: As laws change, so does your financial situation. An outdated will might overlook some key strategies for reducing estate taxes or protecting your assets.
- Update Your Will with Help from an Experienced Estate Planning AttorneyBy taking a proactive approach to estate planning and updating your will regularly, you can spare your family unnecessary stress, confusion, and conflict. Since 1974, Phelps LaClair has helped Arizona families protect their assets and find peace of mind. Contact us today at
- to schedule a consultation in the Phoenix area.
- Images used under creative commons license – commercial use(5/14/2025).
