A will is an important legal document in your estate plan that allows you to dictate how and when you would like your estate to be handled after you pass. Of course, this may be an emotional process that you want to finalize as soon as possible. However, with life always changing, it may be in your best interest to go back and update your will as needed. Read on to learn what circumstances may prompt you to update your will and how a seasoned Montgomery County will drafting attorney at JD Katz, PC can assist you through the process.
When is it necessary to update my will?
Your will allows you to express your wishes regarding the distribution and transfer of your assets after you pass on. And if you have minor children, this document also allows you to name the guardians to care for them. With that being said, the following are significant life changes that may make it necessary to update your will:
- You get married, or on the other hand, divorced and/or remarried.
- You welcome more children or grandchildren to your family.
- You switch careers, which in turn changes your income and/or assets.
- You become closer to some relatives not included in your existing will, or on the other hand, become estranged from others included in your existing will.
How do I update my will?
You have two options when it comes to updating your will: make a codicil or make a new will.
If you only require minor changes to your existing will, it may be in your best interest to make a codicil. Such changes can be revoking certain bequests in the original will, adding bequests, or acknowledging later-born children. A codicil will be attached to your original will that states the changes you wish to make. After you have passed, the two documents will be read and interpreted together. With that being said, it is essential that your codicil does not create confusion or conflict with your existing will.
If you would like to avoid the possibility of confusion and conflict, it may be in your best interest to make a new will altogether. With a new will, there will be no extra attachments that have the potential of being lost or misinterpreted. It is necessary to note that you will need to revoke your existing will to be certain that it does not take effect when you pass.
If you require any assistance with updating your will, whether it be via a codicil or a new will, do not hesitate in reaching out to a knowledgeable Montgomery County estate planning attorney today.
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Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.