Life is full of changes—marriages, divorces, births, deaths, family dynamics, succession plans and financial shifts. Yet, many individuals create a will and then forget about it, assuming it will always reflect their wishes. Unfortunately, outdated wills can lead to confusion, family disputes, and costly litigation. Regularly reviewing and updating your estate plan ensures your assets are distributed as intended and reduces the likelihood of legal battles among your heirs.
A Real-World Example: Business Bequests Gone Wrong
Consider this scenario: A father owns a successful business and drafts a will leaving the business to his eldest son (as an advancement against his share of the estate), while the remainder of his estate is divided equally among his three children. Years later, father gives the business to the eldest son in recognition of all the work and time son contributed to the business. Father, however, never updates his will to reflect this change. Upon his passing, the will still references the business, which he gave to eldest son years earlier.
The result? The children who did not receive the business argue that eldest’s son’s share should be reduced by the value of the business he received years earlier. In contrast, eldest son argues the business is not controlled by father’s will (since it did not exist at death’s death) and, therefore, he should be entitled to one-third of the estate without any deduction. This discrepancy leads to probate litigation, draining estate funds and creating lasting family rifts.
If father updated his will after giving the business to the son, he likely would have removed the provision concerning the business or clarified whether it was his intend to deduct the value of the business from eldest son’s share. This would have avoided the ambiguity that resulted from the outdated provision in the controlling will
Why Updating Your Will Matters
Failing to update a will can create several issues, including:
- Ambiguous or Invalid Bequests – If an asset mentioned in the will no longer exists, courts may need to determine how to distribute the estate, often leading to unintended outcomes.
- Family Disputes – Heirs may interpret an outdated will differently, causing conflicts and resentment among loved ones.
- Legal Costs and Delays – Probate litigation is expensive and time-consuming, depleting the estate’s value and delaying the distribution of assets.
- Unintended Beneficiaries – Life changes, such as remarriage or the birth of additional children, may mean your will no longer reflects your true wishes.
When Should You Update Your Will?
It is advisable to review your will every three to five years or when major life events occur, such as:
- Marriage, divorce, or remarriage
- Birth or adoption of a child or grandchild
- Death or disability of a beneficiary or executor
- Significant financial changes, such as selling a business, receipt of an inheritance or acquiring new assets
- Changes in health and care needs of beneficiary
- Changes in tax laws that may impact estate planning
Taking Action to Protect Your Legacy
Estate planning is not a one-time event. Working with an experienced attorney ensures that your will remains current and legally sound. Regular updates can help prevent misunderstandings, protect your family’s relationships, and ensure your final wishes are honored. If you have not reviewed your will recently, now is the time to do so before unforeseen circumstances lead to unnecessary litigation and emotional distress for your loved ones.
By keeping your estate plan up to date, you can safeguard your legacy and provide peace of mind for yourself and your family. The Elder Law attorneys at Mandelbaum Barrett PC are here to help you.