Many people are under the impression that drafting a will is a one-time thing, but it shouldn’t be. Your life changes over time, and your will should be updated as needed to reflect such changes. New life circumstances may require a change in beneficiaries, and if you don’t update your will, your wishes may not be met.
Life Changes that Require an Update to Your Will
Marriage, gaining a new partner without marriage, and divorce are all circumstances that should be reflected in your will. In most cases, a spouse will automatically be awarded a percentage of your estate, but updating your will allows you to specify how much your spouse gets. A partner without marriage won’t have the same legal rights as a spouse. To ensure your new partner is cared for as you wish, you’ll need to name your partner as a beneficiary in your will. Upon divorce or separation from your partner, you should update your will to remove that person as a beneficiary and redistribute your estate accordingly.
Welcoming a new baby, gaining stepchildren or grandchildren may also require an update to your will.. You will want to name a guardian for your baby, in case anything was to happen to you.. If you wish to provide for your stepchildren after you’re gone, you will need to name them as beneficiaries in your will.
How to Change a Will
One way to change a will is to simply make a new one, including a statement that revokes all previous wills. To be thorough and avoid any possible confusion or future disputes, you may want to go so far as to destroy any previous wills. Another way to change your will is to add a codicil. A codicil is an amendment that can be used to revoke a specific part of your will or add a new provision. A codicil must be dated, signed, and witnessed to be valid, just like a will.
Updating your will won’t automatically change other estate documents, such as life insurance and retirement accounts, payable-on-death accounts, and joint bank accounts. If you’ve changed your mind about your beneficiaries, you’ll need to make sure to update your other estate-planning documents to reflect these changes. Updating your will also does not affect a living trust. To change a living trust, you’ll need to amend the trust.
When changing or updating your will, or other estate-planning documents, you should always consult with an estate-planning attorney. Should a dispute arise regarding a will or trust of which you are a beneficiary, consult the attorneys of Gaslowitz Frankel. Our attorneys have years of expertise in handling the complex issues surrounding estate disputes.
Contact our experienced attorneys to schedule a consultation today.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes representing individuals, executors, trustees, investors, shareholders, and corporate fiduciaries in complex fiduciary disputes involving wills, estates, trusts, guardianships, businesses, and securities law.
