|
|
|
|
When do I need to update my Will, and how do I do it?
Typical reasons for changing or updating a Will are:
(1) Marriage or divorce;
(2) Birth or adoption of a child;
(3) Death of a family member or beneficiary;
(4) Changes in the Federal Estate Tax laws or State Tax laws;
(5) Substantial change in the value of your estate;
(6) Change in the nature of your property holdings—for example, if your Will leaves the farm to a son, and the ranch to your daughter, and half the balance to your son and daughter, and then you sell the farm, your daughter would wind up with more (the whole ranch plus one half of everything else) than your son (who would get only one half of the balance);
(7) A Guardian or Executor or Trustee moves away, dies, or is no longer willing or able to serve;
(8) Your children are no longer minors, or are old enough to handle financial matters on their own;
(9) You move to another state; or
(10) You wish to eliminate gifts to certain beneficiaries.
There are two basic choices for updating your Will:
(1) You can prepare and properly execute (sign) a new Will that revokes the earlier Will, or
(2) You can prepare and properly execute a Codicil to the existing Will. (A Codicil is a separate document that adds to and/or replaces one or more provisions in an existing Will.)
The approach that makes sense depends on the specific facts and circumstances. For example, there are sometimes tax provisions that grant a preference to provisions in old Wills, but not new Wills, so a Codicil might be the best choice. Or there may be a possible question about your mental competence. In such a case a Codicil would generally make sense, because if it is invalidated, the other provisions of the old Will still stand.
While Codicils were often used in the past, because they took less work than drafting a new Will, now lawyers use word processing programs that are able to quickly integrate any changes you want to make—even minor revisions—into a new Will that is up to date. The fee for such revisions is typically very modest, and the lawyer can suggest other possible revisions to take account of new statutes, tax regulations, and changes in circumstances that you may have overlooked.
Never try to change a Will by writing in the margins, crossing out words, lines, or sections of the original Will. This only invites confusion, potential ambiguity, and is likely to lead to nasty and protracted Will contests. If you have any questions, see a Will Lawyer for legal advice. It could save your heirs a great deal of money in the long run. |
|
|
|
|
|
|
|
|
|
|
FREE CASE REVIEW |
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
State Law Center
|
Legal Resource Directory
|
Legal Articles
|
Insurance Advice and Quotes
|
FreeAdvice Answers
|
Community Forums
