Crafting a will is a crucial step in ensuring that your wishes for the distribution of your estate are honored after you pass away. But life is full of changes, and so too can your wishes evolve. So, what happens if you decide to alter your will after it has been officially notarized? The good news is that your will isn’t set in stone; there are ways to make adjustments. Let’s explore how you can go about this.
Understanding a Will
To begin with, a will is a legal document that outlines how you want your assets and personal belongings to be distributed when you die. It’s a way to make your intentions clear, prevent disputes among heirs, and make the process easier for your loved ones. A notarized will typically means it has been signed and witnessed, sometimes by a notary public. While notarization isn’t always required for a will to be valid, it can make the proving process in probate easier.
Changing Your Will: Add a Codicil
One common method to alter a will is by adding a codicil. A codicil is basically an amendment to your existing will. It’s a separate document that makes small changes to your will without having to rewrite it entirely. For example, maybe you want to change the executor of your will, add or remove specific beneficiaries, or adjust the amount of inheritance someone receives.
A codicil needs to be signed and witnessed just like the original will, and both the will and the codicil should be kept together. Although simple changes can be handled through a codicil, extensive modifications might call for drafting a new will altogether to avoid confusion.
Starting Fresh: Drafting a New Will
If the changes you wish to make are significant, creating a new will might be your best bet. When you draft a new will, you should state clearly that it revokes all previous wills and codicils. This is important to prevent any conflicts with your previous documents.
For instance, let’s say you originally planned to leave everything to family members, but now you wish to include charities as major beneficiaries. Such a comprehensive change would be better served by drafting a completely new will.
Practical Tips for Updating Your Will
1. Consult an Attorney: While it’s tempting to use online templates, consulting with an estate attorney can be invaluable. They can ensure that the changes comply with state laws and your intentions are clearly documented.
2. Ensure Proper Witnessing: Whether you’re adding a codicil or creating a new will, having the document properly witnessed is crucial. States have different requirements about how many witnesses are needed and who can serve as a witness.
3. Communicate: Letting your executor and beneficiaries know about changes can prevent surprises and potential disputes down the line. You don’t need to disclose the details, but alerting them to the existence of a new or updated will is wise.
4. Review Periodically: Make it a habit to review your will every few years or when you have major life changes, such as marriage, divorce, the birth of a child, or significant changes in assets.
5. Store Safely: Keep your will and any codicils in a safe place that the executor is aware of and can access. Losing the only copy of a will can make the probate process complicated.
Changing your will is part of the ongoing process of estate planning. As your life changes, your will should evolve to reflect your current wishes. Whether you need a simple amendment or a completely new document, the process doesn’t have to be daunting. With a clear understanding, professional help if needed, and a little planning, you can ensure your will accurately reflects your current intentions, giving you peace of mind and securing your legacy.
