When you finalize your will, you may feel like a considerable weight has been lifted from your shoulders, as many people procrastinate estate planning. However, it’s important to understand that you may need to make changes to this document over the course of your life. As such, understanding how to do so is critical. If you need to amend a will, the following blog explores what your options are and why working with a St. Louis wills and trust lawyer is in your best interest during these complicated matters.
Why Might I Need to Change My Will?
There is a common misconception that once you create a will, you never have to think about it again. While taking the time to establish this document is critical, you should note that there are many circumstances that can warrant changes to the plan. For example, marriage, divorce, birth, and death can all warrant significant changes in the terms and conditions you previously established. You may want to include your new daughter-in-law as part of your estate plan or change your primary beneficiary after you and your spouse divorce.
Additionally, coming into considerable money or new property can also warrant changes in your estate plan. Failing to update your will to include these new assets can result in conflict among your beneficiaries.
What Are My Options to Amend a Will?
Typically, if you need to make updates to your will, you’ll have two options depending on how involved the changes are. If you need to make one or two minor changes, you can choose to add codicils to your will. This is a separate legal document you will attach to the original will that explains the changes you have made. Like your will, any codicils added must be signed by yourself and witnesses to ensure it is legally binding. This is ideal for those who need to include relatively minor updates, like including a new child as a beneficiary or revoking and appointing a new individual to serve as your executor.
However, if you need to make substantial changes to your document, it may be in your best interest to create a new will. Though using codicils may seem simple, too many can cause confusion regarding your wishes. As such, creating a new document can help ensure that any changes you’ve made are clearly explicated in the official document. To create a new will, you must first destroy the current document and all codicils to ensure that your new document is the one that will be honored after your passing. You can also include terms in your new will to revoke all previous versions of the document.
When you need to amend a will, whether to make minor or major changes, ensuring you do so under the guidance of an experienced attorney is critical. Because your assets and beneficiaries could be at risk, doing what you can to mitigate mistakes and protect their best interest is critical. When you are ready to make adjustments to your will, the team at Stobie Family Law Group is here to assist you. Contact us today to learn more.
