New Will or a Codicil? How to Know
Most estate planning experts advise people to update their plans often. That can mean performing one of three legal acts to adjust a last will and testament, along with changing revocable trusts, powers of attorney, insurance beneficiaries, and more. When it comes to updating a will, you can either begin again, adjust the current will, or add to the will. Read on to learn more and decide which route is best for you.
When Changes Are Necessary
As time goes by and life goes through its seasons, your will should follow suit. The below changes should trigger a need to visit your estate lawyer for some adjustments:
- Births, deaths, adoptions, and divorces.
- Businesses begin or end.
- Partnerships change.
- New personal representatives or executors are chosen.
- Real estate is purchased or sold.
Understanding Codicils
It's fascinating to discover that wills have been around long enough that originally they were recorded using an ink well and quill pen. That is how codicils came into being since trying to re-write a will created in that manner was quite an undertaking. The codicil allowed for alterations of the existing will without having to make out a new one. The codicil can be added to the end of the will to address or change something large or small. For example, if you decide to add on another person to help with the personal representative duties, a codicil is an easy way to address that provision. Codicils have to be signed and witnessed just as the original will does.
Making a New Will
Needless to say, it's a lot easier to make changes to a will now with most of them stored on computers. Changes can be made in a few clicks of a mouse and then codified with witnesses and signatures. Whether you make changes, create a new will, or just add a codicil depends on what you want to change. Extensive changes and lots of codicils can make a will murky and confusing and your lawyer may suggest starting afresh with a new last will and testament. If the will and codicils contain conflicting provisions, the probate court might decide that the will is unclear and therefore, invalid. And making a new will is pretty easy given that the attorney has a copy on file already.
The important thing may not be how you make the changes but that you make them. Your estate plan is too important to get stale and useless. To find out more, speak to an estate administration attorney.
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