20 year old will question

I’d pay it.

Because if you saved $1400 to do it yourself and then you pass away, only to find out that your assets weren’t passed on correctly via cash sitting in a checking acct, vs a trust? your kids are pissed.


Plus, you might as well get your advanced directives and beneficiaries.


Too many times I’ve seen siblings torn apart due to discrepancies.

Quell all that now.

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Do we need to update them if nothings changed?

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The answer is "No". If there have been no life changing events in the past 20 years, and your will makes sense, then there is no reason to pay someone to change it.

Now the question is, has nothing really changed in 20 years? You should have at a minimum -

1. Will
2. Beneficiary Designation (retirement accounts, life insurances, bank accounts, etc.) - These will override your will and you should be able to change free of charge.
3. Durable Power of Attorney
4. Healthcare Power of Attorney
5. Advance Healthcare Directives

This list can go on depending on wealth and complexity of your life (owning a business)

Normally you review and update your end of life planning in a time frame of less than 20 years, but not everyone needs it. When you are younger it may be every 5-10 years, and as you age there is less to update outside of needing to change some designations or power of attorneys.

Could depend on if you have a comp!icated scenario. Kids from multiple marriage type comp!ications. Otherwise, I don't think it is necessary based on age of the will. Do you have a trust? One advantage is your proceeds bypass probate which can cause long delays with distributing funds.

Depends on your situation. Anyone who gives you an answer without knowing your family situation, current will, and general knowledge of assets is full of shite.

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and complexity of your life (owning a business)

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What else would you need if you own a business?

I just went through my 2nd life insurance review since I bought my companies, and we need to make some updates to our will. I have a succession plan in place for my wife to follow (basically steps to take to sell the company, and what she needs to do to maintain until sold), but do not have anything in place if she passes before she's able to complete that process (our next step). Just trying to think of other things I may have never considered.

Thanks everyone! I went ahead and made an appointment with a lawyer to review our wills to see if they need to be updated!

Depends of business complexity - Is it just you and wife, do you have other partners, and/or employees? If it is just you two, then probably good to go.

We have a business with partners and employees, so two other items just from a company standpoint

1. Buy-Sell agreement
2. Key Person insurance