You carefully crafted your will years ago, ensuring your wishes were clear. But what about the life events that followed? Is your will still an accurate reflection of your intentions? Keeping your will up-to-date is crucial for peace of mind and ensuring your loved ones are cared for according to your wishes.
Why keeping your will up-to-date matters
Your will serves as a roadmap for distributing your assets after you pass away. It ensures the execution of your wishes and clarifies matters for your beneficiaries. Still, life events can significantly impact the relevance of your existing will, such as if:
- You get married or divorced.
- You have children or grandchildren.
- You acquire new assets or property.
- You move to a different state
- Your beneficiary passes away or becomes incapacitated.
In New Jersey, as in many states, the law recognizes the most recent valid will as the governing document for estate distribution. If you have an old will that no longer reflects your current wishes, courts may still enforce it unless you update it.
Suppose you have divorced but have not updated your will. In that case, your ex-spouse might still inherit your assets, contrary to your current desires.
Keeping your will current ensures that you distribute your assets according to your latest wishes. It also helps prevent potential conflicts among family members and reduces the likelihood of legal challenges to your estate. Regular updates can save your beneficiaries time, money and emotional stress during a difficult period.
Legal guidance can be advantageous when updating your will
A will is not a one-and-done document, and it should evolve as your life does. It is best to consult with a qualified attorney to keep your will current and legally sound.