Many people take the wise step of preparing a will. Having a will provides many estate planning benefits, including making sure your property will be distributed the way you want when you die and letting you choose your executor (the person who manages your estate during probate and makes sure your property is distributed in accordance with your will)). But preparing a will is only a first step. Because family and financial circumstances change significantly over time -- through marriage or divorce, moving to other states, addition of new children or grandchildren and other changes -- your will should be reviewed regularly to make sure it's current.
In addition to regularly checking to see if your will needs to be updated, at several key times it’s especially important to review, and possibly change, your will. They include:
• Getting married. Most states automatically give a surviving spouse a certain part of your property after you die, unless there’s a written agreement preventing this. Updating your will after a marriage will help make sure your spouse receives the portion you want him or her to get.
Rules for unmarried partners are different and constantly changing. In most states, an unmarried partner must be named in your will to receive anything from your estate. If you want an unmarried partner to get part of your estate, be sure your will names him or her.
• Divorce. The effect of divorce on a will varies between states. In some states, divorce automatically revokes gifts made to your ex-spouse. In other states it does not. In a few states, divorce revokes the entire will. To be sure your desires for what an ex-spouse should receive are followed, update your will -- or make a new will -- after a divorce.
• Birth or adoption of a child. Your will should be updated so the child receives the portion of your estate you want him or her to get. It should also be updated to name a guardian to care for the child in the event you and your spouse die before the child reaches adulthood. The guardian will raise the child and manage his or her money until the child reaches the age of adulthood.
• Addition of stepchildren. With the high rate of divorce and remarriage in our country, many parents have stepchildren. To assure a stepchild receives the property you want him or her to get, make sure your will provides for this. This is especially important for parents who have not legally adopted a stepchild..
• Addition of grandchildren. Grandparents may want to change their will to make sure a new grandchild receives the portion of their estate they desire.
• Death of a beneficiary. Since a person you planned to make a gift to will not be able to receive it, you may want to revise your will to state a new intention for that gift.
• You move to a new state. The laws that apply in your new home may differ from laws where you lived when your will was made. For example, the new state may grant your spouse different rights, so you may need to change the amount left to your spouse under the prior will.
• You want to change or add new recipients. If you want to revoke gifts previously made to some people, or add new recipients, your will must be updated.
• Major changes in your financial condition. You may want to reconsider how you allocate your estate if there has been a significant change in your financial condition from when your will was made. New beneficiaries can be added or you can change the amounts left to current beneficiaries.
• Your estate plan has changed. If you change your estate plan, such as creating a trust or buying new life insurance, your will may need to be revised to coordinate its terms with these new aspects of your estate plan.
• Changes in tax or estate laws. Changes in laws may impact the taxes on your estate. Revising your will may lessen the impact of new taxes or maximize the benefits of other changes.
How To Change Your Will
There are specific procedures for changing a will. Thus, if you want to make a change, do not simply cross out the part you want to delete and write in your changes. Your changes may not be honored, and you could even void the entire will.
There are two ways to modify a will. One way is to add a “codicil.” This is an addition to a will that revokes part of it or adds new provisions. Codicils must be signed and witnessed according to special rules for making a regular will.
The other way is simply to make a new will. The new will can include a statement indicating that you revoke all prior wills. If you make a new will, it is a good idea to destroy all copies of your prior will to eliminate any confusion over which will is the most current.
Wills are a key part of most people’s estate plans. But it is important to make sure your will is always kept up-to-date. Regularly reviewing your will and updating it when needed gives you the peace of mind knowing that your current wishes for the disposition of your property will be followed. Our law firm can advise you how to change your will to make sure that all changes are made according to the law and your wishes.
Contact an attorney at Triscaro & Associates today. Please call us for all your legal needs. We offer a full range of legal services to individuals, families and businesses, including personal injury, estate planning, real estate, family law and business matters. We are dedicated to providing the highest quality legal services at a reasonable cost.