If you are nearing retirement and wondering whether you should update your will, the answer is usually “Yes.” A current will helps direct probate assets, names the person who will carry out your wishes, and works best when it is coordinated with your beneficiary forms, trusts, and other estate planning documents.

As retirement gets closer, financial priorities often shift. The focus is no longer just on building wealth, but on using it wisely, protecting the people you care about, and making sure your wishes are easy to carry out. That is why keeping your will current is such an important part of estate planning.

This guide explains what a will does, what it does not do, how it fits with trusts and beneficiary designations, when to review it, and how to think through updates without creating unnecessary confusion for your loved ones.

Key Takeaways

As you get closer to retirement, your will deserves the same attention as the rest of your financial plan. A quick review now can help prevent confusion later and make it easier for loved ones to carry out your wishes.

• A will directs probate assets, names your executor, and can cover guardianship or trust provisions when needed.
• Your will does not override beneficiary designations on accounts like IRAs, 401(k)s, or life insurance.
• The most effective estate plans coordinate your will, trusts, account titling, and beneficiary forms so they work together.
• Near-retirees should review their will every three to five years, or sooner after a major life event such as retirement, relocation, widowhood, or a significant change in assets.
• Small updates may be handled with a codicil, but larger or multiple changes are often better addressed with a new will.
• Common mistakes include outdated executors, vague gifting language, overlooked digital assets, and mismatched beneficiary designations.
• A current, organized, execution-ready will can make probate more efficient and reduce stress for your family.

A will is not just a legal document to file away and forget. It is part of a broader estate plan that should stay aligned with your life, your assets, and the people you want to protect.

What Does a Will Cover in Retirement Planning?

A last will and testament is a legal document that directs what happens to certain property after your death. It typically names an executor, sometimes called a personal representative, to carry out your wishes. If relevant, it can also nominate guardians for minor children or dependents.

But a will does not control everything.

In general, a will governs assets that pass through probate, meaning property titled in your name alone without a beneficiary designation. It usually does not control IRAs, 401(k)s, life insurance proceeds with named beneficiaries, jointly owned property, or assets already titled in a trust.

That distinction matters. A will is often the backbone of an estate plan, but it is only one part of the full picture. The strongest plans make sure the will, trust documents, and beneficiary forms all work together instead of pointing in different directions.

Core Provisions Most Wills Include

Most well-drafted wills include several foundational provisions that help clarify your wishes and make administration easier. These often include:

• Specific gifts for heirlooms, charitable donations, or cash bequests
• A residuary clause that directs everything not specifically gifted
• Appointment of a primary executor and one or more backups
• Guardian nominations, when applicable
• Trust language for minors or more structured distributions
• Authority for handling digital assets
• In some states, a reference to a separate tangible property memo

Together, these provisions can make a will more complete, more practical, and easier to administer.

Will vs. Trust vs. Beneficiary Designations: What Controls What?

One of the most common sources of confusion is understanding which document controls which asset. The answer depends on how the asset is titled and whether a beneficiary has been named.

A will directs probate assets. A revocable living trust controls assets that have been retitled into the trust. Beneficiary designations govern assets such as retirement accounts and life insurance. Transfer-on-death (TOD) and payable-on-death (POD)  registrations can also move certain assets directly outside probate.

Here is the practical takeaway: your will is often the catch-all. It can serve as the backstop for anything that was not already directed by a trust, titling decision, or beneficiary form. Trusts can help with privacy and continuity. Beneficiary designations can move assets quickly. The plan works best when all three are aligned.

How a Current Will Can Help Simplify Probate

Probate is the court-supervised process of validating a will and distributing assets. While a will does not avoid probate on its own, a clear and current one can make the process more efficient for your executor and your family.

Good organization helps too. Keeping account records, deeds, insurance information, and beneficiary forms in order can reduce delays, confusion, and legal expenses.

This becomes even more important when more than one state is involved. If you own real estate in multiple states, for instance, your family could face separate probate proceedings unless those properties are handled through a properly funded trust or another coordinated strategy.

When Should Near-Retirees Update a Will?

For many near-retirees, life changes start happening quickly and often all at once. Retirement, relocation, new grandchildren, widowhood, the sale of a business, or a major shift in assets can all affect how your will should read.

A good rule of thumb is to review your will every three to five years, or sooner after a major life event, such as:

• Marriage, divorce, or the death of a spouse or beneficiary
• Births, deaths, or major family changes
• A move to a new state
• Significant changes in assets, income, or property ownership
• New charitable goals
• A need to update executors, trustees, or fiduciaries

Even when the will itself still works, related documents may not. Beneficiary forms should be reviewed on the same schedule.

Can You Update a Will Without a Lawyer?

Yes, sometimes. If the changes are simple and your state’s signing and witnessing rules are followed exactly, it may be possible to update a will without hiring an attorney.

There are generally two ways to do it:

• Codicil: an amendment to the existing will
• New will: a full replacement that revokes the prior will

A codicil may work for a modest change, such as replacing an alternate executor or revising a small gift. But once changes become more substantial, a new will is often the cleaner choice.

Should You Use a Codicil or Create a New Will?

A codicil can make sense for a narrow update. But if your will is older, already amended, or no longer reflects your broader wishes, starting fresh is usually easier and more efficient for everyone who will eventually rely on it.

A new will is often preferable when:

• You have multiple changes to make
• Your current document is already marked up or amended
• You moved to a new state with different legal formalities
• You want to add trust provisions or address a blended family
• You want one clear controlling document instead of multiple loose pieces

In many cases, clarity wins. A single updated will is often easier to interpret than an older will paired with one or more amendments.

How to Keep Your Will and Estate Plan from Working Against Each Other

One of the most common estate planning mistakes is assuming the will overrides everything else. It does not.

For example, your will may say assets should be divided equally between two children. But if your IRA names only one child as beneficiary, that account will usually pass according to the beneficiary form, not the will.

That is why making updates to your will should also prompt a review of:

• IRA and 401(k) beneficiaries
• Life insurance beneficiaries
• TOD and POD registrations
• Trust funding and trust terms
• Account titling on brokerage and bank accounts

When these pieces are not coordinated, the result can be confusion, unequal outcomes, or unintended consequences.

Common Mistakes to Avoid When Updating a Will

Even small updates can create problems if they are handled casually. A few of the most common pitfalls include:

Vague Gifts

Leaving “my car to Alex” may sound clear until there are multiple vehicles, title changes, or questions about which Alex you meant. Specific language helps.

Outdated Executors

The person you named years ago may no longer be the best fit. Executors should be willing, organized, and realistically able to serve. Backup choices matter too.

Ignoring Trust Needs

Outright distributions may be fine in some families, but not all. In some situations, trust provisions can add structure, oversight, or protection.

Overlooking Digital Assets

Online accounts, subscriptions, cloud storage, and two-factor authentication can create real headaches. Authority and access need to be addressed clearly.

A Practical Will Review Checklist for Near-Retirees

As you review your current plan, focus on these questions:

• Is your executor still the right choice, and have you named backups?
• Are your specific gifts still meaningful and accurate?
• Does your residuary plan still reflect your wishes?
• Do your beneficiary designations match the rest of the plan?
• Are any trust provisions still appropriate for your family?
• Have you moved to a different state since signing the document?
• Is the document signed properly and easy to follow?
• Does your executor know where the original is stored?

A will is only useful if the right people can find it, understand it, and act on it.

Frequently Asked Questions About Updating a Will

If you are reviewing your will for the first time in a while, it is normal to have questions about probate, beneficiaries, and how often your documents should be updated. The answers below address some of the most common concerns near-retirees run into as they revisit their estate plan.

Does a will avoid probate?

No. A will guides assets through probate. Other tools may help reduce court involvement, depending on your assets and state law.

If everything has a beneficiary, do I still need a will?

Usually yes. A will can catch overlooked assets, name an executor, and address guardianship or other issues beneficiary forms cannot handle.

Will a will control an IRA or 401(k)?

Not when a valid beneficiary designation is on file. The beneficiary form usually controls.

How often should a near-retiree review a will?

Every three to five years, or sooner after a major life change.

Bring Your Estate Plan Together Before Retirement

As retirement gets closer, updating your will becomes less about checking a box and more about making sure the details of your estate plan still fit your situation. Your will should reflect your current wishes, name the right people for key roles, and work in step with your beneficiary designations, account titling, and any trust provisions you have in place.

That coordination matters. A will can guide probate assets, but it does not control everything. Even a well-written document can create confusion or be ineffective if it conflicts with retirement accounts, insurance policies, or other estate planning tools. Reviewing the full picture, not just the will itself, can help reduce confusion, prevent crossed wires, and make things easier for the people who may one day need to carry out your wishes.

Get the Support You Need

This is where working with your financial professional can make a meaningful difference. They can help you look across the full landscape of your plan, identify details that may need attention, and coordinate with your attorney, tax professional, and other advisors so your will, beneficiary designations, and broader financial strategy are all moving in the same direction. If your documents are a few years old, were signed in another state, or no longer reflect your family, assets, or priorities, now is a good time to bring those pieces together, get answers to your questions, and make sure your plan is aligned before it needs to be put into action.

Cetera Wealth Services, LLC exclusively provides investment products and services through its representatives.  Although Cetera does not provide tax or legal advice, or supervise tax, accounting or legal services, Cetera representatives may offer these services through their independent outside business.  This information is not intended as tax or legal advice.