Question:
Dear Dr. Don,
My mom is 86. She has been very responsible with money her whole life. I worry her will is no longer valid, as it was written 10 to 20 years ago. I'd guess she has an estate worth $1 million to $2 million.
My most selfish worry is this: I am totally disabled. My Supplemental Security Income and Social Security Disability Insurance is only $700 per month, so my mom has paid my rent of $650 per month for the four years since I became disabled. I would be homeless without her help, and I am so afraid of what is going to happen to me when she's gone.
I've been told that after seven years a will is no longer any good. Is this true? How difficult is it to update her will? I feel so dependent and helpless. Now I don't sleep at night, and I worry about the "what ifs."
Please help me. Disabled was not how I saw myself at 55, but now I do not get to choose. I often feel embarrassed and ashamed about being disabled and the fact Mom pays my rent. Encouraging Mom to update her will is something I don't want to do, but I will if I'm sure of my information.
-- Nancy Nervous
Answer:
Dear Nancy,
I understand your concerns about how your life could change with your mom's passing. However, a will isn't a carton of milk. Laws concerning the validity of wills vary by state, but once validly executed, wills do not have an expiration date. Without an expiration date, a person's validly executed will remains valid until the writer's death. If your mother wishes to change her asset distribution plan, there may be a good reason for a new will. If your mother moved to another state after drafting her will, that is also a reason to review the will with a local attorney. However, most states do recognize a will properly executed in another state.
