The easiest approach to alter your Will is to revoke the old Will and replace it with a new Will. To accomplish this, just include a language in your new Will saying that it revokes all prior Wills and Codicils.
A codicil is another approach to do the same objective. A Codicil is similar to an addendum or addition to an existing Will. A codicil can be used to add a new provision to an existing Will or to repeal it entirely.
A codicil, like a formal will, must be signed, dated, and witnessed to be legitimate. Regardless of whether these circumstances occur or do not occur, it is recommended that you examine your Will once a year and make any necessary adjustments.
There are a few instances where it is critical to review and update not only your Will but all of your estate planning paperwork. These significant life experiences might include:
One of the most obvious and typical reasons for modifying a Will is marital status. If you’ve recently married or divorced, it’s time to examine and, most likely, revise your Will.
Any new family members, such as the birth of children or grandkids, would necessitate an amendment to your Will. One thing to bear in mind is that, unlike a biological child, stepchildren do not immediately inherit.
If a specified beneficiary dies, you should update your Will to appoint a new beneficiary or disperse inheritances among surviving beneficiaries. Similarly, if your designated Executor passes away, you must appoint a replacement.
Yes, generally, you may make handwritten amendments to your Will. However, various states have varied regulations about how and when this is permissible, so you must proceed with caution.
Handwritten modifications in Wills may be very difficult for family members to contest, so if you want your Will and amendments to be as firm as possible, handwritten alterations are not recommended.
Changing the Executor of a Will is a straightforward process. You can do so by drafting a codicil, which is a formal addition to your Will.
Make certain that you grasp your state legislation for your codicil to be legitimate. Depending on your state, the number of witnesses and whether or not you require a notary may change.
Once your Will has been amended, you must ensure that you have the required signatures and witnesses to meet your state requirements. You may need to have your Will notarized and keep it somewhere secure.
Make sure someone you trust knows where your Will and other Estate Planning documents are kept.
Whether you’ve had a single significant life event or you haven’t revisited your Will in many years, and a lot has happened, keeping your Will up to date is an important component of protecting your family when you’re gone.
You’re now ready to go through the procedures and ensure that your Will is as effective as possible when the time comes. Things happen in life, but altering your Will does not have to be difficult, time-consuming, or expensive!