It is extremely important to keep your Will updated. As life changes, so do potential beneficiaries and heirs. If you do not keep your Will updated, it may not reflect your wishes given your new circumstances.
There are two ways that you can change your Will. One is to add a codicil to it, which you would be either revoking, changing, or adding to the original Will. Another option is to have your Will redone. In our office, we see that having your will redone is the more popular choice. How do you know when it is time to revise your Will? While your estate plan should be reviewed and updated periodically, there are a number of life events which may necessitate a revision to your estate plan. Below are some events that warrant a change of your Will:
Getting married- If you were to die without including your spouse in your will, your spouse will not inherit anything. You can amend a will so that your spouse is included in your estate plan. If both of you have wills, it’s a good idea for both of you to revise your Wills.
A new baby- It’s important to update a will upon the birth or adoption of a new baby. You may want the child to inherit a certain percentage of your estate. Additionally, you can name the guardians for your child in a new will.
Death of a child or spouse – If one of your heirs predeceases you, update your will to provide for different beneficiaries or for a different percentage of the estate to surviving heirs.
Changing guardians- If you decide to change guardians, you need to update your will.
If you are or someone you know wants to change their Will, give our office a call. Contact our office today at CALL for a complimentary consultation to ensure that you have a proper estate plan in place.