09 May Do I need an updated will if my situation hasn’t changed?

Q. I am 75 and I made my will when I was 60. None of my details have changed. One of my friends died and their son had issues with the bank because the will was more than 10 years old. Is this something I need to worry about?
— Planning

A. It’s a great question.

What’s more important than the will, assuming nothing has changed, is your power of attorney.

Although it is always a good idea to periodically review your estate planning documents, which include your will, if no changes to your will are required, there is no reason to have a new document prepared and executed even if it is more than 10 years old, said Catherine Romania, an estate planning attorney with Witman Stadtmauer in Florham Park.

“Reasons you may consider a new document include that you signed your will when living in another state, you wish to name new executors or trustees in your documents, there has been significant change in your financial situation, or there has been a significant change in the tax law which affects your estate planning,” she said.

Romania said the Surrogate of the county in which you reside at the time of your death decides whether a will is valid and acceptable for probate, not a bank. Once the will is probated, the Surrogate issues to the executor Letters Testamentary evidencing his or her authority to act on behalf of the decedent’s estate.

“The executor would provide the bank with such Letters Testamentary — and any necessary tax waiver forms — in order to collect any of the decedent’s assets in the bank on behalf of the estate, unless the account has a named beneficiary, which account could then be claimed by the beneficiary,” she said.

In addition to a will, estate planning documents generally include a Durable Power of Attorney, a document in which you as the principal appoint an agent to handle your financial affairs, and a Living Will, which is also called an Advance Health Care Directive. Using this document, you appoint an agent to make healthcare decisions for you should you be unable to do so and also provide the agent directions in order to make such decisions, Romania said.

“Both of these documents should also be reviewed periodically to ensure the agents appointed are still agents you trust in the appointed positions and the documents address changes in the law,” she said. “Agents named in these documents are only empowered to act during the principal’s lifetime. Upon the death of the principal, these documents become ineffective.”

With respect to a Power of Attorney, many financial institutions refuse to honor and accept the agent’s authority if the Power of Attorney document establishing the authority is over 10 years old when first presented to the institution, Romania said.

“The New Jersey statute instructs banking institutions to accept and rely on a properly executed power of attorney but allows institutions a reasonable time to review it and decide whether it can be relied upon,” she said. “Additionally, institutions may refuse to rely upon it if, when first presented, it is more than 10 years after the date of execution or has not been acted on in 10 years `unless the agent is either the spouse, parent or a descendant of a parent of the principal.’”

In most situations, the banks pay little attention to the relationship of the agent to the principal and will not rely on a Power of Attorney more than 10 years old when presented, Romania said. Therefore, it is recommended to have the power of attorney updated every 10 years if possible, she said.

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This story was originally published in May 2025.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.