Will Maintenance: After Your Will Is Written
By: Source: AARP.org Date Posted: 2005-03-20 12:09:11
Once you've made a will, don't put it away and forget about it. Review the document from time to time to make sure that changes in your life will not affect the terms of your will.
What You Should Know
You may need to modify your will if:
- You marry, divorce, separate from your spouse, remarry, or are widowed.
- Any of your beneficiaries die.
- There are any additions to your family or the families of your heirs.
- Your executor dies or moves to a different state.
- You move to a different state. Your will should conform to the laws of the state in which you have your legal home.
- You think changes in federal or state laws might affect your will.
- Your assets increase or diminish. If you want to give a specific amount of money to a beneficiary, you must be sure that there will be enough money to cover the bequest. To avoid coming up short, you may want to calculate any bequests as percentages of your total estate.
- You change your mind about any of your beneficiaries.
Storing Your Will
Let someone know where you are keeping your original will. If the original can't be found after you die, the court may decide that you destroyed it. Do not put the original copy of your will in a safe deposit box. Some states require that a safe deposit box be sealed at the renter's death. You should keep a copy of your will in the safe deposit box, however.
For More Information
American Bar Association (ABA)
The ABA has published a book entitled "The American Bar Association Guide to Wills and Estates," which presents information about distributing property at death and planning for possible incapacity. The book is available in bookstores. You may also order it directly from the publisher by calling 800-726-0600 and referencing ISBN #0-8129-2536-X. Or, visit the ABA Web site and order PC # 235-0029.
URL: http://www.abanet.org/
publiced/practical_books.html
National Academy of Elder Law Attorneys (NAELA)
NAELA is a membership association of attorneys who specialize in legal issues of concern to older persons and their families. The NAELA Web site has an extensive list of elder law resources.
http://www.naela.org
AARP Legal Services Network (LSN)
AARP members in a growing number of communities can receive a 20-percent reduction in fees if they use an attorney who meets AARP LSN standards of experience and customer service. To find an LSN attorney in your area, visit the LSN area of AARP.org and click on "Finding a Lawyer."
URL: http://www.aarp.org/lsn
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