I know that my needs will change, which is why I like being able to reach out and update my key documents right away when I need to. It’s quite possible that my will, my revocable trust, or other estate planning tools needs a new name added when I have a child or new grandchild. And life circumstances change, too. I want my documents updated when my life changes so that I have the flexibility to adapt.
Occasionally someone will come into our office and ask whether or not it's dangerous to create numerous versions of a will. Although having numerous versions of a will could lead to potential confusion in the future, you're well within your rights to continue creating and updating documents.
The truth is that so long as you are 18 years of age and competent, you can make a will. And you can change it whenever you want, too.
Wills are revocable and amendable at any time, so you're never locked into a decision you previously stated. Where you face the potential for challenges in the future, is if you never take action to create a will in the first place. This can leave the difficult task of trying to figure out what to do with your property up to the courts and could even lead to infighting among your loved ones.
Although it's difficult to sit down and reflect on how any of the changes in my life might influence future versions of my will, it's well worth it because as my life needs and family structure change, I can update all of my documents in line to ensure I have included the most important people.
What's your lineage?