How Often Should You Update Your Will? (The 5 Major Life Events)

One of the most dangerous myths about estate planning is the "set it and forget it" mindset. Many people think that once they sign a Last Will and Testament, they can lock it in a drawer for 40 years and never think about it again.

The reality is that your will is merely a snapshot of your life at the exact moment you signed it. But your life doesn't stand still. People move, families grow, relationships end, and finances change. If your legal documents don't keep up with your actual life, you could accidentally leave your assets to an ex-spouse or leave a new child completely unprotected.

As a general rule, you should review your will every three to five years. However, you should completely update it immediately if you experience any of these five major life events.

1. Getting Married or Divorced

A change in your marital status drastically impacts your estate. If you get married, you will likely want to add your new spouse as your primary beneficiary and Executor. More importantly, if you get divorced, you must update your will immediately. In some states, a divorce does not automatically revoke your old will, meaning your ex-spouse could still legally inherit your house and bank accounts if you pass away.

2. Having or Adopting a Child

If you wrote a will when your first child was born, you named a guardian and left your assets to them. But what happens when you have a second or third child? If you don't update your will to include the new babies by name, they could be legally treated as "forgotten children" and accidentally disinherited. Every time your family grows, your will must be updated.

3. A Major Change in Your Wealth or Assets

You don't need to update your will just because you bought a new television or opened a new checking account. A standard will contains a "residuary clause" that acts as a catch-all for minor changes. However, if you buy a house, start a business, receive a massive inheritance, or file for bankruptcy, you need to update your documents to account for how these major assets should be handled.

4. Moving to a New State

Estate laws are strictly state-specific. The witnessing rules, notary requirements, and marital property laws in California are completely different from the laws in New York or Texas. If you move across state lines, your old will might technically still be valid, but it could cause massive administrative delays in your new local probate court. It is always safest to create a new will tailored to your new home state.

• Your new state might require a different number of witnesses.
• Your new state might have different "Community Property" laws.
• The exact phrasing of the "Self-Proving Affidavit" changes by state.

5. Changes to Your Chosen Guardians or Executors

The people you chose to be your Executor or Guardian ten years ago might not be the right fit today. Perhaps the friend you named to raise your kids has moved out of the country, or maybe you had a falling out with the brother you named as your Executor. If the people in your document are no longer willing, able, or trustworthy, it is time for an update.

The Big Question: Should You Amend or Write a New Will?

In the past, if you wanted to change your will, a lawyer would charge you a few hundred dollars to draft a "Codicil." A Codicil is simply a legal amendment - a separate piece of paper attached to your original will that says, "Ignore paragraph 3, do this instead."

Today, estate professionals highly recommend avoiding Codicils completely.

Having multiple amendments attached to an old document creates massive confusion in probate court. It leaves room for lost pages, legal challenges, and family arguments. Because DIY software has made estate planning so affordable, it is 10x safer and easier to simply create a brand-new will.

When you use BudgetWills.com to create a new document, the first clause legally revokes all prior wills and codicils. You just print the new one, sign it in front of witnesses, and physically destroy the old one. It takes 15 minutes, costs a fraction of an attorney's fee, and guarantees there is zero confusion about your final wishes.