Updating your will is a crucial step in ensuring that your wishes are accurately reflected and legally enforceable as your life circumstances change. Whether you’ve experienced a major life event, acquired new assets, or simply wish to revise your beneficiaries, working with a wills lawyer can make the process seamless and stress-free. Here’s a step-by-step guide on how to update your will with professional assistance.
1. Recognizing When To Update Your Will
Several life changes may necessitate an update to your will. These include:
- Marriage, divorce, or remarriage.
- Birth or adoption of children or grandchildren.
- Changes in your financial situation, such as acquiring or selling significant assets.
- Relocation to a different state or country with varying estate laws.
- Death or incapacity of a beneficiary or executor.
- A change in your charitable or inheritance wishes.
If any of these scenarios apply to you, it’s time to revisit your will to ensure it aligns with your current intentions.
2. Consulting A Wills Lawyer
While minor updates can be tempting to handle on your own, working with a wills lawyer ensures the changes are legally valid and correctly documented. A lawyer can review your existing will, discuss your desired updates, and advise on any implications of the changes you want to make.
During your consultation, provide your lawyer with:
- A copy of your current will.
- An updated list of assets, liabilities, and beneficiaries.
- Any specific changes or additions you want to make.
This information helps your lawyer assess your needs and recommend the best course of action.
3. Choosing The Right Method To Update Your Will
Depending on the extent of your changes, your lawyer may recommend one of the following approaches:
- Codicil: A codicil is an amendment to your existing will. It’s suitable for minor updates, such as changing a beneficiary or updating an executor. A lawyer ensures the codicil is correctly drafted, signed, and witnessed according to legal requirements.
- New Will: If your changes are extensive, creating a new will may be more practical. This approach avoids confusion between the original will and multiple codicils. A lawyer ensures the new will explicitly revokes the previous one, leaving no room for disputes.
4. Ensuring Proper Execution Of Changes
For the updated will or codicil to be legally binding, it must meet state-specific requirements for execution. These typically include signing the document in the presence of witnesses. Your lawyer will guide you through this process, ensuring compliance with all legal formalities.
5. Communicating The Changes
Once your will is updated, inform your executor and close family members about the changes. Provide them with a copy of the updated document or let them know where it’s securely stored.
Conclusion
As our friends at Carpenter & Lewis PLLC can attest, updating your will is a necessary part of maintaining an effective estate plan. With the help of a wills lawyer, you can ensure your updates are legally sound, properly documented, and reflective of your current wishes. By taking this step, you provide clarity for your loved ones and peace of mind for yourself, knowing your legacy is secure.