How To Change a Will
Sep 02, 2010 / By: Michael Bonfrisco, Estate Planning Attorney / Category: Wills & TrustsIf you do not have an up-to-date Will, you should draw one up now. A Will can spare your family and loved ones from unnecessarily legal hassles when you are gone. There are several reasons you might want to revise your Will, including:
- A change of mind regarding distributing benefits
- A change in your property and assets
- Your receipt of an inheritance
- A change in tax laws and your decision about setting up a Trust or other accounts
There are two ways to change your Will. The first is to create what is known as a Codicil. This is basically an amendment to your Will and is attached to the original version.
You can have multiple Codicils attached to your Will and they can be used for a variety of purposes such as changing a beneficiary’s name, adding property and/or bequests and even deleting or amending language found in the original version.
The other option for changing your Will is to draft a new document that replaces the first. This is a good option if you have major changes to your Will or if you already have multiple Codicils and would like to simplify the document.
Of course, before you make any changes to your estate plan, you should consult with a qualified attorney. If you’d like to learn more about drafting or changing a Will, contact our office today.
The Bonfrisco Law Firm is a member of the American Academy of Estate Planning Attorneys.
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