Will FAQs How often should a will be updated? This should be updated if there are major life events like marriage, divorce, changes in property ownership, death, and moving to another state or country. Otherwise, it is recommended to do so every 3-5 years. What is the purpose of a will? The purpose of a will is for the smooth distribution of your assets when you pass away. It gives you the authority to ensure your family and beneficiaries receive the inheritance as you prepared for them. Can my spouse and I share a will? Yes, married couples can share a will known as a joint will. A joint will is a single will for two people that becomes unchangeable after one partner dies. If both parties are alive, though, the will can be modified. How much does a will cost? The fees range from $150 - $1000 depending on the type of will and the enormity of your assets if you do it through an online template or hire an attorney. There are websites, though, that provide templates for free. Can a will avoid probate? No. Simply having a will does not avoid probate. A will must go thru probate, where the document is filed in court before the executor can distribute the assets accordingly. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.