As you know, there are few things more important in life than preparing for the future. People prepare for the future in a variety of ways, though one of the best ways to prepare is by creating a will, as well as a well-rounded estate plan. That being said, though many people would like to simply call it quits after creating their will, this is seldom a good idea, as life continuously changes, and as such, your estate plan should best reflect those changes so that when you pass on, your beneficiaries will not be left playing catch-up, or worse, your assets are not distributed as you would have intended. Fortunately, with the help of an experienced Maryland estate planning attorney, it is easy to regularly update your estate plan, including your will, as needed. Here are some of the questions you may have:
Why would I update my will?
Updating a will is a relatively simple step, though it is a critical one. Say, for example, you and your spouse recently divorced. Without updating your will, when you pass on, your former spouse will most likely still be listed as a beneficiary, which means he or she will get your assets. Rather obviously, you may prefer these assets to instead be sent to your children or another loved one. Additionally, if you recently gave birth to a child, you may wish to update your estate plan accordingly, or, if someone who was initially listed as a beneficiary in your will passes away, you should remove them from your will and adjust accordingly.
What is a codicil?
When someone wishes to amend, or change, the terms of their will, they can hire an estate planning attorney to write a codicil, which, simply put, is an addition to the will that either clarifies, revokes, or simply modifies a part of a will. Your codicil must be signed by you and witnessed by two adults. Though these changes are frequently simple ones, such as adding or removing a beneficiary to a will, there are times where codicils may become more complicated, which is why you must ensure that any changes you wish to make to your will are with the assistance of an attorney who knows the ins and outs of estate law. For any additional questions, do not hesitate to give us a call today.
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.