A last will and testament is a crucial document that outlines how you want your assets distributed after you pass away. It also states who will care for your minor children. While it’s important to create a will, it’s equally essential to make sure your will is current and reflects changes in your life.
Updating Your Will: A New Beginning
When we say “update your will,” we mean create a completely new will that reflects your current wishes. While it might seem like a lot of work, it’s crucial to ensure your legacy is protected. By creating a new will, you can be confident that your assets will be distributed according to your current desires, and your loved ones will be taken care of.
Why Update Your Will?
Life is full of unexpected turns. Here are some common reasons to review and create a new will:
- Major Life Events:
- Marriage or Divorce
- Birth or Adoption of Children
- Death of a Beneficiary or Executor
- Financial Changes:
- Significant career changes
- Inheritance
- Property purchases or sales
- Changes in investments
- Legal and Tax Updates:
- Changes in estate tax laws
- New inheritance laws
- Evolving Personal Preferences:
- Changes in relationships
- New charitable interests
When Should You Consider Writing a New Will?
- Immediately After Major Life Events: Any significant change, such as marriage, divorce, birth, or death, should prompt a review of your will.
- Periodically for Legal Compliance: It’s recommended to review your will every 3-5 years, or even annually, to ensure it complies with current laws and regulations.
- When Your Executor Becomes Unavailable: If your executor is unable to fulfill their duties, you should consider appointing a new one.
- Upon Acquiring New Assets: Any significant asset acquisition, such as real estate or valuable possessions, should most likely be reflected in your will.
To update your will correctly, follow these steps:
- Create a New Will: Instead of using a codicil, it can be generally best to create a new will. Codicils can become complex and confusing, especially as your estate grows more intricate over time.
- Proper Execution: Ensure that your new will is executed according to your state’s laws, including signing, witnessing, and notarization.
- Secure Storage: Store your original will in a safe and accessible location.
- Update Digital Copies: Save a copy of the fully executed will on Gentreo to reflect your changes.
Why Avoid Codicils?
- Complexity: Multiple codicils can make your will difficult to understand and interpret your will.
- Errors and Inconsistencies: The more codicils you have, the greater the risk of errors or inconsistencies.
- Legal Challenges: Codicils can increase the potential for legal challenges from beneficiaries who may dispute the validity of the changes.
By creating a new will, you can simplify your estate planning and reduce the risk of future complications.
Remember: Digital copies of your will are not typically legally binding. The original, physically signed document is the one that will be considered in probate court. If you are a Gentreo, www.gentreo.com, user, note in your Gentreo Digital Vault as to where the original copy is stored.
By following these steps, you can ensure that your updated will is legally valid and protects your wishes.
Don’t wait until it’s too late; start your estate planning journey with Gentreo today. By doing so, you’ll not only protect your loved ones but also gain the peace of mind that comes with knowing your legacy is secure. Click HERE to join now.
This article is for informational purposes only and should not be considered legal advice. Consult with a qualified attorney or estate planning professional for personalized guidance.
