Do you remember that old will you signed 10, 20, or 30+ years ago? Can you even find it in the file cabinet? Do you ever wonder if it is still valid? The short answer is yes. A properly executed will does not expire simply because it has become old.
That does not necessarily mean it is still the best will for you.
Have Your Circumstances Changed?
One of the most common reasons to review an older will has nothing to do with changes in the law. It is simply that life has changed.
For example:
- Are the personal representatives named in your will still the people you would choose today? Are they even still living?
- Did you write the will when your children were minors? Should provisions be changed now that they are adults? Do we need to consider grandkids now?
- Have your assets changed significantly?
- Has your family changed through marriage, divorce, births, or deaths?
What About Changes in the Law?
Estate and tax laws also change over time. A will drafted decades ago was written under a different set of estate planning laws and tax code.
While an older will does not automatically become invalid when the law changes, its provisions may no longer be the most effective way to accomplish your goals.
Don’t Forget Your Powers of Attorney
Powers of attorney are another important part of an estate plan. Like wills, powers of attorney do not technically expire merely because they are old.
However, in our experience, financial institutions and medical professionals can be hesitant to accept older powers of attorney because they are concerned about their own liability.
For that reason, we generally recommend reviewing and updating financial and health care powers of attorney at least every five to ten years, even if nothing significant has changed.
The Bottom Line
Your old will may still be completely valid and enforceable. But if you wrote it during the Reagan presidency, odds are it could use some updating.
An old will is better than no will, but a periodic review can help ensure that your estate plan still works for the life you have today. Our attorneys will review your old estate planning documents for a modest consultation fee and then help you decide if you are good to go or if you need to make some updates.
