My parents Will is 25 years old.
How do I stress the need to revise this? I am certain laws have changed, properties are not the same, etc. They are in PA and I am in Colorado. I have siblings, but they are my Dad's kids, not my Mom's. My parents continue to ask what I am worried about that I get everything (and they trust me to divide it fairly); however, I know they are not ''well off'' and I may wind up responsible for debt, future hospitalizations, mortgage payments, etc.
Re: My parents Will is 25 years old.
It is preferable to have an updated Will. However, there are procedures in place to deal with an older Will. If the Will gives a particular item or piece of property they no longer own, that item is simply ignored. Anything that does not fit a description for a specific gift will go into the "residue" of the estate.
It is not likely that you will personally end up being liable for the debts they leave behind. However, you may find you have to liquidate most or even all that they own in order to pay the bills.
In their Wills, they can direct which things are to be liquidated first in order to pay any bills, which might be helpful to you. It would be good for them to update their Wills, but it is unlikely to be catastrophic if they do not.
