HOW DO I CHANGE MY WILL?

Major changes in our lives are constantly taking place, whether it be a divorce, the birth of a new grandchild, or receiving a large inheritance. These events tend to cause chaos, but amongst the chaos, it is important to remain practical and consider the impact that these events will have on the future. After a major life event, it is always a wise decision to ensure that your estate plans still match your wishes. If you do find yourself in a situation that requires a revision of your current will, there are a couple of options to keep in mind.

Two Options: Execute a Codicil or Revoke your Current Will

The first option is to execute a codicil. A codicil is a document designed to modify a previously written will. A codicil must meet all the requirements of a valid will. Simply “crossing out” passages or adding new provisions in your current will is not the answer. A codicil is executed similarly to an original will. However, depending on how substantial the necessary changes are, it may be advisable to execute an entirely new will rather than making multiple changes of significant details.

The second option is to fully revoke your will. A will may be revoked only by a subsequently written will or by being burnt, canceled, obliterated, or destroyed with the intent of revoking it. Additionally, a will may only be revoked by the person who wrote the original will. It is necessary to include a section that states that all previous wills are revoked. If this is not done, and there is a misunderstanding concerning which will should apply over the other, and therefore the court may not honor it in the way you intended.  

When Should I Consider Changing My Will?

Take time to consider the following major life changing events when determining whether a will revision is necessary: a recent marriage or divorce; the birth of a child or grandchild; a change to real estate investments, major assets, or financial circumstances; a move to a different state; etc. As mentioned above, the significance of the necessary changes of the will may help guide which of the available options is most pragmatic when changing your will. For example, if various major events have taken place and there are multiple provisions in the will to be changed, it will make more sense to write a new will rather than attempting to change multiple provisions through a codicil. If you are interested in this topic or feel as if this situation applies to you, feel free to contact an attorney with any questions or for further information and guidance.