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Home » Estate Planning » It is Time to Update Your Will

It is Time to Update Your Will

December 21, 2015Estate Planning

update your willThe majority of adults have not written a Will.  But for those that have, the Will is probably so outdated that it may as well not exist.  The majority of Wills that exist need to be revised.  There are several reasons for updating a Will, primarily when life circumstances have changed.  Essentially, if your situation has changed in any way, it is time to update your Will.

When is it time to make a change?

When it comes time to consider modifying your Will, you need to look at the changes in your own life circumstances, as well as any changes others mentioned in your Will may have experienced.  Here are a few issues to consider.

  • The purchase of new property
  • Marriage, remarriage, or marriage of your children
  • Birth of a new child, birth of grandchildren
  • Heirs have become extremely irresponsible
  • Your executor has died or is no longer able to serve
  • Guardians for minor children have died or are no longer able to serve

How often should I review my Will?

For some, reviewing and updating their Will every few months is normal.  Often, that is because of a change relationships and feelings, based on daily interactions with others.  However, updating your Will every time someone falls out of favor with you may not be the best option.  A good rule of thumb would be to update your Will after a change in circumstance rather than a change in heart.

If the provisions of your Will no longer apply, either because all of your heirs are not included or because your heirs, beneficiaries, trustees or executors have changed, then your property cannot be distributed as you indicated.  In reality, having an outdated Will can be worse than no Will at all. You should review the terms of your Will whenever there is a significant event for anybody mentioned in the document and make any required changes. At the very least, you should read through your Will once a year to confirm that it still reflects your wishes and that your instructions can still be carried out.

What happens if my Will is not updated?

Without a valid or executable Will, your assets will still go to your family, through your state’s laws of “intestate succession.”  The only difference is that with a Will, you can determine exactly which relatives will receive which assets.  Whereas, without a Will, your closest relatives will receive equal shares depending on a pre-established priority system.  With that system, how your property is distributed depends on which of your relatives are still alive when you die.

Intestate Succession in California.

The simplest answer to the question, “what Will happen to my property if I die without a Will,” is that your property will go to your closest living relative(s). Not all assets pass to your heirs through intestate succession, however.  Generally, only assets that you own alone in your own name will pass through.  Property, for which you are not the sole owner will pass to the surviving co-owner or beneficiary you named.  This is true whether or not you have a Will.

If only your spouse survives you, he or she will inherit everything.  If you have children when you die, but no spouse, parents or siblings, then your children will inherit your estate. Next in line would be your parents and then your siblings.   Your spouse is not entitled to a share of your property if you are legally separated, but not yet divorced.

If you have questions regarding Wills, or any other estate planning needs, please contact the Schomer Law Group either online or by calling us at (301) 337-7696.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

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