How do I know if my Will needs to be updated?

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How do I know if my Will needs to be updated?

I have a Will that provides if a certain piece of property I own hasn’t been sold and the time of my death, it goes to my son. Now the property is in a 6 year land contract. If I die before the contract ends, my son is to get the payments. My question is since my Will already stipulates that it is willed to him, is my current Will sufficient or do I need to make a new one

Asked on October 3, 2016 under Estate Planning, Tennessee

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Wills are specific. Real estate is separate from payments--including the payments for real estate. If the will only says that the real estate goes to your son, not the payment stream from selling it, then it's not the case that the payment stream will go to him: rather, the payments will go to your estate and be distributed along with the rest of the cash. That's not a problem if your son is the sole heir--he'll get the money anyway. But if the cash is not only going to your son, you should amend or revise your will so that the payments for the property go solely to him. 


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