According to Forbes, nearly 2.5 million Americans die each year, leaving little or no directions about the distribution of their assets to their loved ones. While death may not be an option, making a will that can protect your rights and give each person their deserved share of your property is very much a matter of choice. Even for people who have made an estate plan for the execution of their estate and have already drawn up a will, a will can be updated and changed according to changing circumstances.
How do you know if it’s time to change your will? This blog outlines the situations your Southhaven Estate Attorney will tell you when you should update your will.
When should it be updated?
- In the event of the birth of a child, you may want to assign some of your property to the newest entrant of the family.
- If you have recently gotten married or divorced, you may have to make necessary changes in your estate plan to accommodate the new additions or subtractions
- The executor, testator or guardian or the will dies or refuses to accept the responsibilities leveled against them.
- If you decide to change your mind about certain gifts that you have made in the previous will.
- The law change and you have to modify your will accordingly
- The value of the estate fluctuates to a new high or low and the will needs to be modified to reflect the current changes
- The sole beneficiary or one of the beneficiaries of the will dies.
- Changes in the estate, either by way of acquisition or by way of sale.
- The children grow up and no longer remain minors.
How can it be updated?
There are two ways to update your will. You can either:
- Make a new one, and add a clause in it that revokes the previous one
- Create a codicil as an attachment to the existing will and sign it giving effect to the change made under the will.
There is no one way of updating your will as the facts represent. You can have your will updated in a number of different ways and each will depend largely on the situation. For example if your old has tax advantages, it would be best if you simply used a codicil to make changes to that one.
If you want more information on when is it the best time to update your will or how should you go about doing it talk to a good Southhaven Estate Attorney. For more information on estate law, contact us today!