28 Oct Do I need to change my will if it’s about 10 years old?

Q. If I have a current will that is about seven to 10 years old, do I have to write up a new will or can I edit the current will? What happens if I change lawyers to write the will? Will they make me get a new one? What can the county surrogate’s office help me with?
— Planning

A. We’re glad that you want to make sure your affairs are updated and in order.

Here’s what you need to know.

First, there is no expiration date on a will, said Catherine Romania, an estate planning attorney with Witman Stadtmauer in Florham Park.

However, as your family and financial situation changes and as laws change, wills may need to be updated to accommodate such changes and better reflect your intent, she said.

“If the changes are minor, they can be reflected in a codicil, which is a separate document amending the will,” Romania said. “Major changes should be accomplished by having a new will prepared and executed.”

On occasion, even minor changes may involve preparation of a new will, she said.

For example, she said, you may have in the original will excluded a beneficiary who you now want to include, but do not want the beneficiary to know they were originally excluded. By preparing a codicil, the previous exclusion will be obvious but with a new will, the old will and previous exclusion will remain undisclosed, she said.

“You should never mark up or hand-edit an original will,” Romania said. “Such markings will make the original will difficult or impossible to probate and likely require a court proceeding to have the will accepted for probate.”

An experienced trust and estate attorney will not require you to write a new document if your current document satisfies your needs, Romania said.

“They may have recommendations which you are free to follow or disregard,” she said. “Moreover, they may suggest other documents that need updating, in particular a power of attorney which names an agent to handle financial matters on your behalf.”

County surrogates do not prepare wills or other estate planning documents but instead, they administer the estates of deceased residents of the county in which they serve.

“Surrogates also oversee trusts, guardianships, custodianships as well as assist the court with other matters,” Romania said. “If you were appointed as executor under a decedent’s will or if you are the nearest next of kin to be named as the administrator should the decedent die without a will, the surrogate’s clerks would assist you in completing the paperwork in order to have you appointed as the executor or administrator.”

One more thing to keep in mind: Some financial institutions take issues with older wills, so you may want ask about their policies to make sure there won’t be trouble after you’re gone.

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This story was originally published on Oct. 28, 2022.

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.