It is never too early to create a will. No matter how young you are, chances are you have more property than you believe. Creating a will saves your loved one’s time, money and stress when wondering how you want your assets distributed to heirs if you pass away.
However, what if you created a will when you were young and are now old? Although you can generally modify the terms of a will at any point, perhaps your current wishes still reflect the terms of your will created long ago and you see no need to modify.
Wills do not expire in New York
In that case, is your old will invalid simply due to the passage of time? The answer is no. A will properly drafted and executed in New York does not have an expiration date. If it was executed correctly, it will remain valid unless it is revoked or replaced by a new will.
This means the document you created long ago is still valid. But you should determine if changes are needed.
Most people’s lives change over the course of many years. Marriage, divorce or the birth of children may result in a need to change beneficiary designations in a will.
Additionally, there are usually changes in assets over the years. You may have sold or given away assets or acquired new ones. Remember that assets include physical property, such as homes and vehicles and non-physical property such as bank accounts.
Review your will regularly
Therefore, although a will you created many years ago is still valid, regular reviews are recommended. Even if the major terms of the will remain valid, there are likely to be some minor changes that need to be made, such as removing a vehicle that you no longer own.
When minor changes are needed, you may want to use a codicil, which is a legal document that amends a portion of your will. For major changes, it is often best to revoke your old will and have a new one drafted.
