If you have an old Will, it may be time for an upgrade.

Once executed, your will should be updated regularly, especially under these circumstances: A birth, marriage or divorce in the family; a move to another state; a change in tax laws; a change in the status of dependent children; impending retirement; or a change in personal circumstances or needs.

An out-of-date will can be more trouble than having no will at all. Consider a situation involving a man who executed a will in 2001, giving $10,000 to a woman he named as a "friend." A year later, the man and woman get married. The man dies in 2004. Unfortunately, the man never updated his will. At her husband's death, the woman claimed her elective share as a wife (one-third of the total estate) rather than abiding by the terms of the will. The man's children from his first marriage objected. The court could decide that the surviving spouse is limed to $10,000.00 from the estate.

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