How Often Should You Update Your Will?

You wrote a will five years ago. Since then, you have moved to a new state, your executor has died, and you have a new grandchild. Your will still names the old executor, leaves nothing to the grandchild, and may not even be valid under your new state's laws. This is not an edge case — it is the most common estate planning failure in the country.

The Baseline: Review Every 3 to 5 Years

Estate planning attorneys generally recommend reviewing your will every three to five years, even if nothing dramatic has changed. Laws change, asset values shift, and relationships evolve in ways that affect your plan.

But the calendar review is the minimum. Certain life events should trigger an immediate update — waiting for the next scheduled review can leave your family exposed.

7 Life Events That Require an Immediate Update

1. Marriage or Divorce

Marriage does not automatically revoke your existing will in most states, but it can create unintended results if your new spouse is not included. In many states, a spouse omitted from a pre-marriage will can claim an "elective share" of the estate — typically one-third to one-half.

Divorce, on the other hand, automatically revokes any provisions in your will that benefit your former spouse in most states. In New Mexico, this is codified under NMSA 1978, § 45-2-804. But "automatic revocation" only covers the ex-spouse — it does not update your executor, guardian nominations, or beneficiary designations on insurance and retirement accounts. Those require manual changes.

2. Birth or Adoption of a Child or Grandchild

A child born after your will was written may be entitled to a share of your estate under "pretermitted heir" statutes, even if you did not intend to include them. Conversely, if you want to ensure a new grandchild receives a specific bequest, the will must be updated to name them.

3. Death of an Executor, Trustee, or Guardian

If the person you named as executor, trustee, or guardian of your minor children dies or becomes incapacitated, your will has a critical gap. Courts will appoint a replacement, but that replacement may not be the person you would have chosen. Update immediately and name a new successor.

4. Moving to a New State

Every state has its own rules for will execution, probate, and property distribution. A will that was valid where it was signed is generally accepted in your new state — New Mexico, for example, honors out-of-state wills under NMSA 1978, § 45-2-506 if they were valid where executed.

But validity does not mean optimal. A move to a community property state (like New Mexico, California, Texas, or Arizona) from a common law state fundamentally changes how your marital assets are classified. Your will may need restructuring to account for the different property rules.

5. Significant Change in Assets

If you have acquired or sold a major asset — a home, business, inheritance, or large investment — your will should reflect the new reality. A will that leaves "my house at 123 Main Street" to a specific heir is useless if you have sold that property and bought a new one.

Use percentage-based distributions rather than specific asset bequests when possible. "50% of my estate to my daughter" survives asset changes; "my savings account at First National Bank" does not if you close that account.

6. Change in Tax Laws

Federal estate tax exemptions have changed dramatically over the past two decades, and state-level estate or inheritance taxes vary widely. While New Mexico does not impose a state estate or inheritance tax, changes in federal law can affect estates above the federal exemption threshold (currently $13.99 million per individual in 2025).

If your estate approaches the federal threshold, or if you move to a state with its own estate tax, your plan may need restructuring.

7. Change in a Beneficiary's Circumstances

If a beneficiary develops a disability, struggles with addiction, or goes through a divorce, a direct inheritance could cause harm. A beneficiary receiving government benefits like Medicaid or SSI could lose eligibility if they inherit even modest assets. In these cases, a special needs trust or spendthrift trust may be needed — and that means updating your will.

What to Review When You Review

When you sit down to review your will, check these specific elements:

• Executor and successor executor: Are they still alive, willing, and capable?
• Guardian nominations: If your children are still minors, is the named guardian still appropriate?
• Beneficiary designations: Do the names in your will match your current intentions? Remember that beneficiary designations on life insurance, retirement accounts, and POD/TOD accounts override your will
• Asset inventory: Does the will account for all your current major assets?
• Non-probate transfers: Are your TODDs, POD/TOD designations, and joint tenancy arrangements still correct?
• State law compliance: If you have moved, does your will satisfy your new state's execution requirements?

How to Make Changes

Minor changes can be made through a codicil — a written amendment to your existing will that must be executed with the same formalities (signing, witnesses, and in some states, notarization). For significant changes, executing an entirely new will and explicitly revoking the old one is cleaner and less likely to cause confusion.

If you need a complete estate planning package that you can update yourself as life changes, the New Mexico Basic Estate Planning Kit includes will templates, beneficiary worksheets, and a review checklist designed for periodic updates.

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