How Often Should You Review or Update Your Will?

Planning for the future is one of the most responsible steps you can take to ensure your wishes are honored and your loved ones are cared for.

At Brady Cobin Law Group, PLLC, we’re proud to help North Carolina families craft wills that reflect their goals and adapt to life’s changes. But drafting a will isn’t a “set it and forget it” task—life evolves, and so should your estate plan.

One question we often hear is, “How often should I update my will?” The answer depends on your unique situation, but regular reviews and updates are essential to keeping your plan relevant and effective. In this guide, we’ll walk through the factors that impact how often you should review your will and the situations that may require immediate updates.

General Review Schedule

Staying proactive about reviewing your will is one of the best ways to avoid surprises down the road. While there’s no one-size-fits-all rule, there are general timelines to consider:

Annually

If you want the most thorough protection, an annual review is ideal. Think of it as a financial and legal check-up to catch small changes, ensure your wishes are current, and confirm your plan aligns with evolving goals. Annual reviews are especially helpful if you anticipate frequent changes in your life or assets.

Every 3–5 Years

For many, reviewing a will every three to five years is a reasonable approach. This guideline works well if your life circumstances are relatively stable. It allows you to revisit your plan without unnecessary updates while staying ahead of any overlooked issues.

Situations Requiring Immediate Review

Certain life events can significantly impact your estate plan. When these occur, updating your will should move to the top of your to-do list.

Major Life Events

Life changes can drastically alter your priorities and beneficiaries. Consider updating your will if you experience:

• Marriage, Divorce, or Separation: Marital status can impact your choice of beneficiaries and executors.
• Birth or Adoption of a Child: Ensure your new child is included in your estate plan.
• Death of a Beneficiary or Executor: Reassign roles or update distributions to reflect this change.
• Receiving a Significant Inheritance: Include newly acquired assets in your estate plan.

Financial Changes

Changes in your financial situation may require immediate action. Update your will if you experience:

• Significant Asset Growth or Loss: Major financial shifts can affect how you allocate your estate.
• Acquiring Real Estate: This is particularly important if the property is in another state, as North Carolina laws differ from others.
• Accumulating Significant Debt: Address potential implications for your heirs.

Health Issues

Health challenges can affect your estate decisions. Consider updating your will if you or a loved one experiences:

• A Serious Illness or Disability: Plan for medical needs or changes in caregiving roles.
• Changes in Mental Capacity: Adjustments may be needed for you or your beneficiaries.

Career Changes

Your career can shape your financial and personal priorities. Update your will if you:

• Retire or Become Unemployed: Adjust your plan to reflect income changes.
• Start a Business or Shift Careers: New ventures may require specific considerations.

Relocation

Moving to another state, especially into or out of North Carolina, often necessitates will updates. Different states have unique estate planning laws that could impact your plan’s validity or effectiveness.

Legal and Tax Changes

Stay informed about shifts in federal or North Carolina laws. Update your will when:

• Tax Laws Change: Adjustments might be needed to minimize tax burdens.
• New Estate Planning Regulations Apply: Ensure your will complies with current legal standards.

Signs It’s Time for a Review

Not sure if your will is due for an update? Look for these indicators:

• You Can’t Remember Its Contents: If your plan feels like a mystery, it’s time for a refresher.
• Executor or Trustee Issues: If the person you’ve chosen can no longer serve, update your plan.
• Children Reach Adulthood: In North Carolina, this is at 18. Consider modifying guardianship and inheritance details.
• Beneficiaries or Inheritance Amounts Change: Life priorities evolve, and your will should too.
• Major Asset Changes: Sold a business? Bought valuable property? These changes matter.
• Changed Values or Philanthropic Goals: Reflect new charitable aspirations or family priorities.
• Concerns About Family Conflict: Proactively address potential disputes to preserve harmony.
• Specific Bequests: Adjust for new family heirlooms or remove items no longer relevant.

Consequences of Not Updating

Failing to keep your will current can lead to unintended outcomes, including:

• Outdated Beneficiary Designations: Assets might go to people you no longer wish to include.
• Higher Estate Taxes: Missed estate tax planning opportunities can increase the burden on heirs.
• Family Conflicts: Disputes and legal battles may arise, creating stress and division.
• Unhonored Wishes: An outdated will might not reflect your true intentions.
• Probate Delays: Inefficiencies can slow down the distribution of your estate.
• Added Stress for Loved Ones: Unclear or incomplete plans can compound grief with legal headaches.

North Carolina Residents: Secure Your Legacy Today with Brady Cobin Law Group, PLLC

An updated will ensures your legacy reflects your values and protects your family. At Brady Cobin Law Group, PLLC, we’re here to make the process simple, effective, and compassionate. Whether you need a quick review or a complete estate plan overhaul, we’ll guide you every step of the way.

Contact us today at 919-782-3500 or visit our Contact Us page to schedule a consultation. Let us help you take the next step in securing your future.