A will is a powerful legal document that outlines how you want your assets distributed after your passing. It’s the roadmap for your loved ones to follow when you’re no longer there to express your wishes. Understandably, as life changes—marriages, divorces, the birth of children, or shifts in financial circumstances—your plans may need to be updated. So, what happens if you need to change your will after it’s been “finalized”?
Can You Change a Finalized Will?
The simple answer is yes, you can change your will at any time while you’re still alive and mentally competent. It’s quite a common process and nothing to worry about. So, when you hear the term “finalized,” think of it more as “current” rather than “set in stone.”
Methods to Update Your Will
1. Creating a Codicil:
- A codicil is a legal document that makes amendments to your existing will, echoing the same formalities as your original document. It’s akin to an appendix that adjusts certain parts instead of overhauling everything.
- For example, if you wanted to change the person who will inherit a specific item, a codicil could accomplish that without having to redo the entire will.
- Bear in mind that codicils themselves need to be signed and witnessed just like the original will.
2. Revoking the Old Will and Writing a New One:
- Sometimes changes are more extensive, making it wiser to start fresh to avoid confusion. This involves creating a new will that explicitly revokes any previous ones.
- An advantage to this approach is clarity—by having a single document, it’s easier to follow and reduces the risk of misinterpretation.
- Make sure to destroy any copies of the old will to avoid accidental use.
Common Triggers for Updating a Will
1. Marital Changes: Marriage or divorce often necessitates significant will revisions due to the change in legal relationships and obligations. 2. Births and Adoptions: If you have children, you’ll likely want to update your beneficiaries and possibly the guardianship arrangements. 3. Death of a Beneficiary or Executor: If someone mentioned in your will passes away, you should update your will to reflect that change. 4. Change in Assets: Acquiring or selling property, a business, or investments can necessitate adjustments to how your estate is divided. 5. Relocation: Moving to a different state or country might impact your estate plan, as each jurisdiction can have varying estate laws.
Practical Tips for Updating Your Will
- Consult a Legal Professional: Although you can draft these documents on your own, working with an estate attorney is often worthwhile to ensure your updates comply with state laws and effectively express your wishes.
- Review Regularly: Set a reminder to review your will every five years, or sooner if a significant life event occurs. This ensures your estate plan stays up to date with your current desires and circumstances.
- Communicate with Key People: It’s a good idea to communicate any essential updates to your will with your executor or beneficiaries. This openness can prevent future disputes or surprises.
- Store Safely: Once updated, make sure your will (and any codicils) are kept in a safe place, and let someone trusted know how to access it if needed.
Updating your will doesn’t have to be a daunting task; think of it as a routine check-up for your life’s plan. By staying proactive and informed, you can significantly reduce future stress for your loved ones and ensure that your wishes are clearly understood and followed.
