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    rhouse30's Avatar
    rhouse30 Posts: 306, Reputation: 1
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    #1

    Aug 25, 2017, 05:12 AM
    Last wll and testament
    In 1999 my husband and I had a last will and testament made up. One for him and one for me. Nothing has changed as far as our wishes or assets.

    Because it was written up 18 years ago does it need to be updated or is it good to go the last will and testament for decades when your wishes and assets are the same?

    Any tips will be appreciated.

    Thanks in advance.
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #2

    Aug 25, 2017, 05:30 AM
    From a legal point of view there is no need to update your wills if indeed nothing of significance has changed in your lives that would affect your wills - no new children or grandchildren, you haven't moved to a new state, and the amount of your assets falls below the estate tax exemption amount. However, there are several things you may want to talk to an estate attorney about besides just your wills:

    1. You should have durable Power of Attorney documents drawn up, in case either you or your spouse becomes incapacitated.
    2. Consider a "living will," giving your spouse authority to make medical decisions on your behalf.
    3. You may want to consider establishing revocable trusts, which could simplify the handling of your estate upon your passing.

    I would also suggest reviewing the person(s) you've assigned as executor (also known as "personal representative" in some states).

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