I regularly advise people, “Your will is fine. It doesn’t need to be updated”.

While debunking misunderstandings about the need to update wills, I start feeling like a broken record. It’s time I provide the reasons why people often mistakenly believe their will needs to be updated.

(Please read to the end, where I emphatically advise you to review your will periodically with a lawyer to get updated advice about your estate plan and ensure your will continues to be an optimal component of that plan.)

The will is old

Surely, a will made 25 years ago needs to be updated. Right? Not necessarily. I’ve reviewed many 20-plus-year-old wills that are as effective at implementing an optimal estate plan as they were when first made.

I now own a home

Your assets have changed dramatically since you made your last will. Now you own your home and maybe a revenue property as well. You have financial investments you didn’t have before. So surely, your will needs to be updated to accommodate your new assets, right? Not necessarily. Most wills make no reference to particular assets at all. Wills typically say the estate (whatever it consists........

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