Fred pulled the manila folder from his desk drawer, shaking off a thin layer of dust. Despite the faded ink, he noted that his will inside still listed his ex-wife as his primary beneficiary. His newborn daughter wasn't mentioned. 

Don't let your will become a relic like Fred's. Here are five ways to tell when it needs an update:

1. When your financial situation has changed. Review your will if you've -

• Received an inheritance or a windfall
• Bought property
• Started a business
• Lost money or assets 

2. When you or a family member marry, get divorced, or have a child. 

3. When you've moved to a different state. What's legal in one might not be valid in another. Updating your will ensures it complies with the law in the state in which you currently reside.

4. When tax or probate laws change. New state or federal laws can affect who gets your assets and how much they will inherit.

Examples:

• The Tax Cuts and Jobs Act of 2017 was recently extended and raised the estate and lifetime gift tax exemption to $15 million per person ($30 million for married couples), indexed to inflation (starting in 2026). The tax rates and brackets for trusts and estates were also extended permanently. 
• In 2019, the Maine probate code changed. If your will was drafted in Maine before 2019, check with an experienced estate planning attorney to make sure it's still legally valid.

5. When your beneficiary or personal representative's situation has changed. Someone you named in your will might have died or have become seriously ill. Maybe your relationship with a family member has evolved. A child might now be an adult, or a beneficiary's financial needs may have shifted. These and similar scenarios warrant updating your will to reflect them. 

Example: In February 2025, actor Gene Hackman died at age 95, a week after his wife, Betsy Arakawa. Both signed pour-over wills in 2005 naming Betsy the trustee or manager of the trust Gene created. (A pour-over will funnels any assets not already in a trust into that trust at death, ensuring they're managed per the trust's terms.)

When Betsy died first, the will “poured” her share of the assets back into Gene's trust. Gene had anticipated her death by naming attorney Michael G. Sutin his first successor personal representative. After Sutin's death in 2019, another attorney, Julia L. Peters, became the successor. 

Peters has asked the court to name a new trustee. That order remains private. Neither the successor trustee nor the beneficiaries have been named publicly.

Court filings identify Gene's three adult children as his heirs. Because living trusts take effect during the creator's life and continue afterward, most of Gene's assets will pass through the trust, not his will. Wills and trusts both distribute property at death, but a trust can be managed during the creator's life and avoid probate.

This case underscores the importance of reviewing your estate plan at least every few years or after a major life event. 

At LWP&E, we draft estate plans that honor your wishes no matter what happens. 

For advice on creating or updating your will, contact us online or call (207) 377-6966 today.