How Often Should I Update My Will in New Mexico?
A will is not a one-time task you complete and never think about again. It is a snapshot of your wishes, your family, and your property at one moment in time. Life keeps moving after you sign it, and a will that made perfect sense ten years ago can quietly become a problem.
There is no law in New Mexico that requires you to update your will on a schedule. A will you signed decades ago is still legally valid today. But "still valid" is not the same as "still right." A valid will that names the wrong people, leaves out a child, or gives property to someone who has died can cause as much confusion and conflict as having no will at all.
A good general rule is to review your will every three to five years, even if nothing major has changed. Laws change, your assets shift, and a quick review with your attorney is far cheaper than the cost of an out-of-date will.
More important than the calendar, though, are the life events that should trigger a review right away. Look at your will again after any of these:
- Marriage. A new spouse is not automatically protected the way you might expect, and your old will may not reflect your new family.
- Divorce. This is one of the most important triggers. Your will and your beneficiary designations should both be reviewed. New Mexico law may treat some provisions involving an ex-spouse a certain way after divorce, but you should never rely on the law to clean up an old will for you.
- The birth or adoption of a child or grandchild. A new child should be added, and you may want to name or update a guardian.
- The death of someone named in your will. If a beneficiary, your named guardian, or your personal representative has died, the will needs to account for that.
- A significant change in your assets. Buying a home, selling a business, receiving an inheritance, or a major change in your finances can all affect how your will should be structured.
- A move to or from New Mexico. States have different rules for wills. A will that was valid where you used to live should be reviewed to make sure it works in New Mexico.
- A change in your relationships. If your feelings about anyone named in the will have changed, the will should change too.
Divorce deserves a second mention because it is so often overlooked. After a divorce, people frequently update their will but forget that retirement accounts and life insurance pass by beneficiary designation, not by the will. Those designations do not update themselves. If your ex-spouse is still the named beneficiary on a 401(k) or a life insurance policy, that is who receives it, regardless of what your new will says. A proper review looks at the will and the beneficiary designations together.
Updating a will does not always mean starting over. Sometimes a small change can be made with an addition called a codicil, and sometimes it makes more sense to sign a new will. An attorney can tell you which approach fits your situation.
If it has been more than a few years since you looked at your will, or if you have had a major life event recently, it is worth a review. Call our Albuquerque office at 505-317-4455 or our Las Cruces office at 575-215-3500, or reach out through our contact form, and we can help you make sure your will still says what you want it to say.
