How Long Should a Will Last?

A will is an essential legal document that outlines how a person's assets and belongings should be distributed after their death. Understanding how long a will should last is crucial for anyone who wants to ensure their estate planning is effective and up-to-date. Generally, a last will and testament should remain legally effective until the person revokes it or their personal circumstances change significantly. This article explores the factors that influence the lifespan of a will and the importance of reviewing it periodically.

Factors Affecting the Lifespan of a Will

The lifespan of a will can vary depending on several key factors:

1. Changes in Life Circumstances

A will should last until there is a significant change in life circumstances. Common reasons for updating a will include:

Marriage: If you get married, especially if you're marrying a second time, your existing will could be considered invalid unless it specifically addresses your new spouse. Divorce: A divorce can invalidate a will, so it's important to update it following a legal separation. Birth or adoption of a child: If you have a child, your will should reflect the child's inheritance rights. Adoption also changes your relationship and may require updates to your will. Death of a beneficiary: If a named beneficiary predeceases you, their inheritance will be reassigned based on the rules of intestacy unless the will is updated.

2. Changes in Assets

Life circumstances often involve changes in personal assets. Factors such as:

Gain or loss of property: If you sell, buy, or inherit new property, your will should be updated to reflect the new assets. Bank accounts and investments: Changes in your financial situation, including the addition of new accounts or the loss of old ones, require a will update. Gifts and donations: If you make significant gifts or donations that might impact your estate, your will should be revised to ensure your intentions are clear.

3. Revision by the Testator

A will can also be revoked or amended through a process called 'resifting.' This action is typically performed by the person who made the will (the testator) and can be done:

Through a new will: If you create a new will, it automatically revokes all previous versions. Through a codicil: A codicil is a supplement to the existing will that amends specific parts of it without invalidating the entire document.

Periodic Reviews are Important

Even if changes in life circumstances have not occurred, it's a good idea to review your will periodically to ensure it still reflects your wishes. Here are some tips:

At least annually: Revisit your estate planning goals at least once a year to determine if your current will aligns with your present wishes. Every 2-3 years: Revisit your will every few years to ensure it's still in line with your life changes and personal circumstances. After major life events: Update your will promptly following significant life events, such as marriage, divorce, the birth or adoption of a child, or a significant change in your assets.

By regularly reviewing your will, you can ensure that it accurately reflects your current wishes and helps avoid potential legal disputes.

Consulting with an Estate Planning Attorney

Creating or updating a will is a complex process that involves understanding legal standards and ensuring that your document is properly ratified. Engaging the services of a good attorney can provide valuable guidance and peace of mind:

Legal expertise: An attorney can help ensure your will is legally valid and protects your interests. Comprehensive planning: Proper estate planning involves more than just a will. An attorney can provide guidance on trusts and other related documents. Advice on taxes and benefits: A will can impact your taxes and how government benefits are distributed. Lawyers can advise on minimizing tax burdens and maximizing benefits.

While online resources can provide a general understanding of wills, consulting with a probate attorney ensures that your documents are tailored to your specific needs and that they are legally defensible.

In conclusion, a will should last until significant life changes occur or until it is intentionally revoked. Regularly reviewing and updating your will is crucial for maintaining the effectiveness of your estate plan. Consulting with a professional can help ensure that your will accurately reflects your intentions and provides protection for your loved ones.