When Should You Update Your Will?

Having a Will(opens in new tab) is a great start. But when was the last time you actually looked at yours?

For many people, creating a Will feels like something to check off the list. You meet with an attorney, make some important decisions, sign your documents, put them somewhere safe, and move on with your life.

And then life does what life tends to do: it changes.

Your family may grow. Relationships may change. You may buy or sell a home, retire, receive an inheritance, or move to Maine from another state. The people you trusted to carry out your wishes years ago may no longer be the people you would choose today.

None of these changes necessarily means that you need a new Will. But they can be good reasons to take another look at the estate plan you already have.

You Got Married

Marriage is a natural time to review your estate planning documents.

If your Will was created before you married, it reflects decisions you made under very different circumstances. You may want to reconsider who receives your property, who you have chosen to serve as your Personal Representative, and whether other parts of your estate plan still accomplish what you intend.

It is also worth looking beyond the Will itself. Retirement accounts, life insurance policies, payable-on-death accounts, and other assets may have beneficiary designations that should be reviewed after marriage.

The goal is not simply to add a spouse's name to a document. It is to make sure the different pieces of your estate plan still work together.

For couples who are not married, estate planning can be especially important because the law may not provide the same protections that married couples receive. Learn more about Wills for unmarried couples in Maine(opens in new tab).

You Got Divorced

Divorce is another important reason to pull out your estate planning documents.

Maine law addresses the effect of divorce on certain provisions involving a former spouse, but relying on those rules is not the same thing as intentionally deciding what you want your estate plan to say after a divorce.

Your wishes may have changed. Your property ownership may have changed. You may want different people making decisions or handling your estate.

Rather than assuming an old estate plan will sort itself out, a review gives you an opportunity to decide what you want now.

You Welcomed a Child

The birth or adoption of a child can change estate planning priorities considerably.

For parents of minor children, a Will can address more than who receives property. It can also include your nomination of a guardian to care for your child if neither parent is able to do so.

You may also need to consider how and when a child should receive an inheritance. Leaving property directly to a young child can create issues that are different from leaving property to an adult beneficiary.

If your Will predates your child, reviewing it can help ensure that the plan reflects your family as it exists today.

You Became a Grandparent

A new grandchild does not automatically mean that your Will needs to change. But it can prompt new questions.

Do you want grandchildren to receive something directly? Should they inherit only if their parent dies before you? If you have several grandchildren, do you want them treated equally? What happens if more grandchildren are born after you update your plan?

There is no single right answer. Becoming a grandparent is simply a good opportunity to consider whether your wishes have changed.

Someone Named in Your Will Has Died

When people think about updating a Will after a death, they often think first about beneficiaries. But there may be several people named in your estate plan who are important to its operation.

For example, you may have named someone to serve as your Personal Representative(opens in new tab), trustee, or guardian for a minor child.

If one of those people has died, become unable to serve, or is simply no longer the person you would choose, it is worth reviewing your documents.

The same is true even when the person is still alive. Relationships change. People move. Health circumstances change. Someone who was an obvious choice 15 years ago may not be the best choice today.

You Bought or Sold Property

Think about what you owned when you signed your Will.

Is it still what you own today?

Perhaps you bought a new home, sold a piece of real estate, inherited family property, purchased a camp, or sold a business. Maybe your older Will specifically refers to property that you no longer own.

Significant changes in property can be a reason to review not only the Will but also how that property is titled and how it fits into the rest of the estate plan.

For Maine families, a camp or other family property can raise particularly important questions. If several family members may eventually inherit the property, it can be helpful to think ahead about what you actually want to happen to it rather than leaving those decisions entirely to the next generation.

Your Financial Situation Has Changed

Estate plans are created based in part on the circumstances that exist when they are prepared. Those circumstances may look very different years later.

You may have accumulated more assets, received an inheritance, retired, sold a business, changed investments, purchased additional life insurance, or experienced a significant decrease in assets.

A change in finances does not automatically mean that a Will needs to be rewritten. But it can change the questions that should be considered.

It is also important to remember that your Will may not control everything you own. Some assets pass according to beneficiary designations or forms of ownership rather than the terms of a Will. That is one reason an estate plan should be reviewed as a whole rather than looking at the Will in isolation.

You Moved

Moving is another good opportunity for an estate plan review, particularly if you created your documents in another state and have since made Maine your home.

An out-of-state Will does not necessarily become ineffective simply because you moved. But state laws differ, and an attorney familiar with Maine law can review your existing documents and determine whether any changes would be appropriate.

A move can also involve changes to property ownership, financial accounts, health care providers, and the people you would want available to help you. Those practical changes may be just as important to consider as the move itself.

Nothing Major Happened: It Has Just Been a Long Time

You do not need a wedding, divorce, new baby, inheritance, or move to have a reason to look at your Will.

Sometimes, enough time has simply passed.

Pull out your Will and ask yourself a few basic questions:

• Do I still want the same people to inherit my property?
• Is the person I named as my Personal Representative still the person I would choose?
• Does my plan reflect the family I have today?
• Has my property or financial situation changed?
• Do I understand how my beneficiary designations work with my Will?
• Do the wishes I expressed years ago still reflect what I want now?

If you cannot remember what your Will says, that alone may be a good reason to take another look. It may also be helpful to revisit some of the common myths about having a Will in Maine(opens in new tab), especially if your understanding of your Will is based on assumptions you made years ago.

Reviewing Your Will Does Not Mean You Have to Change It

This is an important point.

Reviewing an estate plan does not necessarily result in new documents.

Sometimes you pull out a Will that is several years old, review it in light of your current circumstances, and determine that it still says exactly what you want it to say.

That is useful information, too.

Other times, a review identifies something that no longer fits. Perhaps a beneficiary should change, a different Personal Representative would be a better choice, or your property and family circumstances have changed enough that the overall plan should be reconsidered.

The purpose of reviewing your estate plan is not to make changes for the sake of making changes. It is to make sure the plan you have still reflects the decisions you would make today.

Does Your Estate Plan Still Fit Your Life?

Creating a Will is an important step, but it does not mean you should put the document away and never think about it again.

Life changes. Families change. Property changes. And sometimes, our own ideas about what we want change, too.

If you have experienced a significant life change or simply cannot remember the last time you reviewed your estate planning documents, it may be time to take another look.

At Aging In Maine, we can review your existing estate plan with you and help you determine whether your documents still reflect your circumstances and wishes.

This article is provided for general educational purposes only and is not legal advice. Estate planning decisions depend on individual circumstances. Consult a qualified Maine attorney regarding your specific situation.