Is Your Will Up-to-Date?

          Many people have their Will prepared, sign it, and put it in their safe deposit box, thankful that they got it checked off their “to do” list.  But, that may be the last time the Will is seen until the person dies and it comes time for probate.  In the meantime, there may have been a change in circumstances or a change in the law that affects the terms of the Will and justifies a codicil (or amendment) to the Will or a new Will.  For example, a person might have done a Will while they were single and they have now married, or a person might have done a Will when they had no children and they now have children born to them or adopted by them, or someone in the Will is no longer intended to be included in the Will for whatever reason.

             Tax laws seem to change constantly.  Tax planning in the Will may not have been a concern at the time the Will was signed because the person’s assets may not have been of sufficient value that tax planning was necessary.  However, as that value increases over time, tax planning may be more appropriate, particularly if that value is approaching the level at which federal estate taxes and/or state death taxes become payable.

             Laws relating to Wills themselves may also have changed since the Will was signed.  A Will that was valid when signed may no longer be valid due to changes in the law relating to Wills after the Will was signed.  I know of a case in which a Will signed in 1965 was initially rejected for probate in 2000.  The reason?  The requirements concerning witnesses signing the Will had changed after the Will was signed and the Will did not meet the new requirements.  Fortunately, it was possible to get an affidavit from the original witnesses 35 years after the Will was signed and the Will was then admitted to probate.  But, what if those witnesses could not be located or had died?  It would have been as if the Will’s maker had died without a Will.  The distribution of the person’s property under those circumstances may not have been the same as the person intended when they signed the Will.  The lesson?  If it has been awhile since your Will was prepared, it may be time to review it to see if it still expresses your wishes or it may be time to have it reviewed to see whether changes in applicable law require changes in its terms.  If we can assist you with a review of your Will, please call us at 425-776-4100.