So you’ve just welcomed a baby. Or maybe you just won the lottery? Or… okay, you get the point. If you’ve experienced some big life change, you may be wondering if it necessitates a change to your will. Good on you for forward-thinking! Having an updated will is beneficial for anyone, regardless of how much money you have. If you have children, pets, or even $1 to your name, you should consider getting a will to ensure your wishes are carried out. You can do more than just devise assets in a will–you can appoint guardianship for pets and children, you can declare certain medical decisions, and you can plan for final arrangements. With that said, those of you who have or get a will need to know when to update it according to your life’s twists and turns. Let’s discuss what life events would necessitate a change to your will.
Having a child
One of the most obvious and important changes that can occur and necessitate a change to your will is having a child. You can designate guardianship for any minor child to ensure that if anything bad happens, your child will end up in the right hands. Otherwise, a court will make the designation for you. In addition, you may want to consider and rearrange beneficiaries if you now have a child to provide for.
Getting married
Another obvious one is getting married. If your current will devises your assets to your BFF, you may want to re-write the will to include your new bride or groom. Even though default law says that your spouse will get at least a portion of your stuff when you die, if your will devises assets to someone else, that will generally trump it. Sometimes states do allow for spouses to elect against a will but it’s not guaranteed and can be more difficult for the surviving spouse. The best course of action is to update the will in this situation.
Getting a divorce
Of course, if you’re getting a divorce, you’ll want to make sure your will reflects this change. Many states actually have statutes that revoke a bequest to an ex-spouse in a will knowing that it was not the testator’s intention to give their stuff away to their ex. (See Cal. Prob. Code § 6122 as an example). However, it’s always better to be explicit about what you want and make sure you update that will if you get a divorce!
The death of a beneficiary
If you have devised assets to a beneficiary who has passed away, you’ll want to revisit your will. For example, John devises all of his assets to his brother, Tom. If Tom passes away before John, should reconsider what to do with his assets. Often, wills already account for what happens if beneficiaries die, such as passing to the beneficiary’s descendants or moving to the residuary beneficiaries listed in the will.
Personal conflicts with a current beneficiary
Let’s say John devises his entire estate to his brother Tom in a will in 2014. Fast forward to 2025 and John and Tom have a blow out fight and are no longer speaking. John may want to update his will to reflect this new relationship. If John doesn’t update it, his estate could end up in Tom’s hands which he may not like and/or it could create disputes over the intention of the will in probate court with other family or friends.
Getting a new pet
Did you know you can actually devise a pet to a loved one in a will? Since most states consider pet as property, you can outline who should get little Fluffy when you die. You can also devise a set amount of money to the future owner of the pet to ensure the pet’s expenses are covered. For example, John’s will says: “I give my dog, Max, to my brother, Tom, along with $10,000 to cover any pet expenses.”
Moving to a new state or country
While states do typically honor out-of-state wills (as long as they are done correctly in the original state), it doesn’t hurt to reach out to a lawyer in your new state to determine if you need to update your will to reflect any new state changes that need to be made to your will. Ask questions like: Is your will valid and enforceable in your new state? Is there anything you need to do to make sure that it is? And if you are moving to a new country, you should definitely speak to a lawyer in that new country to see what you need to do, if anyhing. Should you have it translated? Should you execute another version of it?
Receiving a large amount of money
Whether you won the lottery, sold a successful business, or received a huge inheritance, if you just received a large amount of money, you may want to update your will to reflect this new asset. Your previous will may not mention the money specifically and/or you may want to devise some of your new assets to a new beneficiary.
Diagnosis of a new illness or disability
If you have received a new diagnosis of an illness or disability, you may want to update your will to reflect any new priorities and/or set up guardianship for minors. In addition, if you don’t already have a living will set up to determine certain medical decisions, you may want to consider doing so. In addition, you may want to also consider a medical proxy (someone who you choose to make medical decisions on your behalf).
Starting a business
If you have started a business since you last created your will, you may want to update it to reflect any transfer of ownership or interests in a certain types of businesses through a will. However, attorneys often recommend doing business succession planning through other documents and/or living trusts in order to avoid probate. However, if you operate your business as a sole proprietor, your business assets can become part of your estate and can be distributed according to your will. Similarly, you can bequeath shares in a partnership or LLC, though this may be subject to the terms of the partnership agreement or operating agreement.
Purchasing real estate
Again, same thing with creating a business or receiving a large amount of money, if you purchased real estate, you may want to update your will to delineate who should get ownership of said house in the event of your passing. This is especially important if you want to leave the property to someone other than your spouse or immediate family, or if you have multiple properties and wish to specify who inherits which.
Retiring
If you have retired or plan on retiring soon since you last updated your will, you may want to revisit the terms to make sure that everything is still relevant. How much money have you used up since you last devised assets? Are you shifting around assets to cover your retirement? Will you have a change in spending habits? Do you need to add in healthcare directives?
The bottom line
There are definitely several scenarios where updating your will is necessary, such as getting married or divorced, having children, or having personal conflicts with beneficiaries that would change your mind on giving them assets when you pass. Don’t forget to revisit your will in less serious scenarios, such as getting a pet, retiring, or acquiring new assets (well-drafted wills usually account for newly acquired assets anyway). Maintaining the accuracy of your will is a lifelong requirement so make sure you always keep it in the back of your mind!
Nicole Sheehey is the Head of Legal Content at HelloPrenup, and an Illinois licensed attorney. She has a wealth of knowledge and experience when it comes to prenuptial agreements. Nicole has Juris Doctor from John Marshall Law School. She has a deep understanding of the legal and financial implications of prenuptial agreements, and enjoys writing and collaborating with other attorneys on the nuances of the law. Nicole is passionate about helping couples locate the information they need when it comes to prenuptial agreements. You can reach Nicole here: Nicole@Helloprenup.com
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