Am I Too Old To Redo My Will?

I've mentioned before that many people question whether they are too young to consider drafting a will or estate plan, but on the other end of the spectrum is another common question that I get: Am I too old to redo/revise my Will?

In short, no you are never too old to redo or revise your will (provided you are not incapacitated). In fact, I would say the older you get, the more important it is to make sure your Will or Estate Plan are up to date.

When you think about it, it makes sense because many health complications may present themselves as you get older, and it is extremely important that your estate is protected and that there is a proper set of instructions for what to do with your estate should you pass away.

There are also many events that may have occurred in your life that may alter your Estate Plan, even if you didn't realize it. The following events are considered major when it comes to a Will or an Estate Plan, and you should meet with your estate planning attorney if any of these are coming in your near future:

  • Change in financial profile- If you've inherited a large amount of money, that could change your estate's profile completely. You need to check with your estate planning attorney to make sure you can try to stay exempt from any state or federal taxes. Also, if you've purchased or sold a business, your entire financial profile could change greatly and your Will or Estate Plan should reflect that.
  • Change in marital status- If you've recently gotten married or divorced, many things have changed and your Will or Estate Plan must be updated to remain relevant. Also, your old plans may not reflect your current desires (if you've just divorced, you may not want your ex-spouse to be receiving any of your estate should you pass away).
  • Moving to a different State- Every State is different and has their own set of laws and exemptions. Not having an up to date Will or Estate Plan could be devastating in many ways because what's advisable in one state to minimize taxes could be detrimental to your estate in another state. (Note: a properly drafted Trust will help avoid this problem)

To sum this all up, you are never too old to redo or revise your Estate Plan/Will as long as you are not incapacitated. It actually becomes more important to remain up to date because many things change with time, and in order to make sure your desires are realized, you must visit your estate planning attorney often to make sure your Will or Estate Plan is as precise and up to date as can be.
Categories: Estate Planning, Wills