Although any estate plan should undergo regular review to ensure it is still valid and up-to-date, there are many situations that may have a direct impact on your will. Changes in your family structure have significant implications for your will, and require your attention and the help of an attorney to rework your plan and account for the changes.
It is not enough to simply edit the document or write in the margins. Nor is it appropriate to print a new version for yourself and leave the old will in your attorney’s possession. Any of these actions complicate the execution of your estate, and may ultimately result in costly probate hearings and tense family relationships after you are gone. Some changes you attempt to make yourself may invalidate the latest version of your will, defeating the purpose of making the edits in the first place.
Revising your will requires either drafting a completely new will or amending it with a document called a codicil, which effectively amends a will to include or exclude certain assets and beneficiaries. Any previous versions of the will should be destroyed using a paper shredder.
If all copies of the previous will are not destroyed, beneficiaries who stand to gain from an old will may be able to find a previous version of the document. This is almost certain to result in a will dispute, so it is important that you only have one version of your will in existence.
Here are a few familial situations that call for a comprehensive review of your estate plan.
A marriage
Marriage immediately entitles your spouse to no less than one-third of your estate in Georgia, if not specifically outlined in your will. If you want to specify a fixed amount for your spouse, or otherwise guarantee them a different percentage of your estate, this must be outlined in your will.
If you gain any stepchildren as part of a marriage, keep in mind that they have no special protections or rights as beneficiaries unless you specifically adopt them. You can write them separately into your will or grant them specific gifts in an amendment, but unless you do so, they will not inherit from your estate and won’t have grounds to contest your will.
A divorce
Similarly, if you are in the process of a divorce, it is important to review your will and note whether your spouse is granted specific assets or a percentage of your estate. In Georgia, you are permitted to disinherit a spouse during divorce proceedings, and can revise your will to exclude a former spouse without having to fear them contesting your will after you pass away.
The birth of a child or grandchild
Unlike the previous two instances, simply amending your will is sufficient to add beneficiaries, specifically to grant a new child or grandchild assets as you see fit. Remember, to grant a portion of your estate, you must rewrite your will entirely. However, you can amend your will to grant beneficiaries specific gifts and assets.
The passing of a beneficiary
When a close family member who is named as a beneficiary in your will passes away, it is necessary to take legal steps to revise your will. Having a deceased beneficiary in your will could result in their share of assets being equally distributed among the other named heirs, or in the case of older beneficiaries, having the assets transferred to their estate and distributed among their own heirs.
How to protecting your assets
If you are concerned that your estate may be involved in a will dispute after you are gone, there are a variety of steps you can take now to help prevent a disagreement among your heirs. Contact the attorneys of Gaslowitz Frankel to learn how you can take additional steps to protect your estate. We have over 25 years of experience in handling will and trust disputes in Georgia and have helped hundreds of families pass down their wealth successfully.
