Have you ever signed off on something, later wishing you could revise it? Maybe a new favorite restaurant kicked the old one off the top spot, or you’ve changed your mind about, well, almost anything. The good news is, when it comes to your will, it’s quite possible to make those adjustments. Yes, you can change your will after it has been signed and witnessed. Let’s explore how you can update your will, why you might want to, and what to keep in mind when doing so.
Why You Might Want to Change Your Will
Life is full of changes, and those changes can affect your decisions about who should benefit from your estate. Some common reasons for updating a will include:
- Change in Marital Status: If you get married, divorced, or your spouse passes away, your existing will may not reflect your new circumstances.
- Birth of a Child or Grandchild: You might want to add new family members to your will to ensure they’re taken care of.
- Changes in Asset Portfolio: Big moves like selling property, receiving an inheritance, or acquiring new assets often necessitate revisions.
- Change of Mind: Priorities change, and you may decide to adjust who gets what.
- Beneficiary Changes: If a beneficiary has passed away or if you’ve had a falling out with them, you may wish to change what they receive—if anything.
How to Change Your Will
There are two main ways to update your will: through a codicil or by creating a new will altogether.
1. Making a Codicil
A codicil is an amendment or addition to an existing will. Think of it as a postscript. Here’s how it works:
- Simple Updates: Codicils are best for straightforward changes, like altering the amount of a gift or changing an executor.
- Same Formalities: Like the original will, codicils need to be signed and witnessed according to the laws of your area.
Although a codicil can be a handy option for minor changes, adding multiple codicils can make your estate plan confusing. If substantial updates are necessary, consider drafting a new will.
2. Drafting a New Will
Writing a new will is often the cleanest and safest way to ensure your wishes are accurately documented:
- Revocation: You must state clearly that the new will revokes all previous ones to prevent confusion.
- Comprehensive Reassessment: This process allows you to reassess and reorganize your entire estate plan, ensuring it reflects your current situation.
- Witnesses Needed: Just like the original, your new will must be signed and witnessed properly to be legally valid.
Practical Tips for Updating Your Will
- Check Legal Requirements: Laws around wills can differ depending on where you live, so it’s crucial to understand local legal requirements for witnessing and signing.
- Consult a Professional: While DIY solutions exist, consulting an attorney can offer peace of mind. They’ll ensure everything is done correctly and help prevent legal challenges.
- Communicate Changes: Keep your executors and beneficiaries informed about significant changes. Surprise changes in a will can lead to disputes after you’re gone.
- Keep Copies: Store the most recent will safely and let your executor know where to find it. Shred any outdated versions to eliminate confusion.
- Review Regularly: It’s wise to review your will every few years or after major life events. This way, your will stays aligned with your changing life circumstances.
Conclusion
Updating your will is not just a possibility—it’s a powerful tool to ensure your last wishes accurately reflect your life’s current circumstances. Whether making a few tweaks or undertaking an entire overhaul, putting your intentions in writing brings peace of mind for both you and your loved ones. So, don’t hesitate to revisit your will whenever life takes a turn. After all, change is the one constant we can all rely on.
