Your last will and testament acts as your final say in the management of your assets. It is a crucial document that names your heirs and appoints trusted representatives to handle your estate. Without a proper will, a court will distribute your assets using Delaware’s intestacy laws.
However, even with a valid will, you may need to update the document quite a few times in your life. If an estate is small enough, your family can skip formal probate by utilizing a Small Estate Affidavit. The deceased must have no solely-owned real estate and the value of personal property should not exceed $50,000 (for deaths on or after June 10, 2026).
When and for what reasons is it right to revisit your will?
Changes in family dynamics
A common reason why people update a last will and testament is because they experienced changes in family circumstances. Major life milestones like a marriage or a new child require manual revisions to your will. Your last valid will may not reflect your current wishes on how your loved ones should handle your estate.
Because of Delaware laws, it is not so simple to “rewrite” a will. You must write a new will or amend it using a codicil. The loss or addition of family members or the possibility of remarriage can affect your future plans drastically. Fast action can ensure that you do not need to worry about your assets going to unintended parties.
Moving to another state
Making a major and likely permanent move to another state should prompt reevaluation of your last will and testament. While many states do recognize wills created out-of-state, leaving your past will intact can pose issues. For example, local laws on probate procedures or guidelines on joint property ownership and titling may differ from state to state.
Certain states may enforce strict regulations about spousal property. Others may have specific requirements for validating a will. Reviewing your Delaware will ensures its terms are still intact and enforceable after moving to another state.
An impending retirement
With retirement comes a new stage in your life and new decisions to think about. Retiring after a long career changes your financial situation considerably. Instead of active income, retirement funds often come from pensions, retirement accounts and other similar sources. Shifting asset and estate values can change what your beneficiaries might receive.
As a retiree, you are also more vulnerable to sudden life changes, such as the arrival of grandchildren. Acting more quickly can ensure your will reflects your current wishes on the management of your estate.
Remember, your family is less protected when you leave your will to chance. An experienced legal advisor can help you make quick and affordable amendments to your legal documents.