When you write a will, you are not necessarily expected to file it away and never look at it again. Things can change, and sometimes life events make it necessary to take a look at your estate plan and make some changes of your own. So if you were wondering if you can amend your will after you have written it, the answer is yes. A Bergen County will lawyer can help you keep this document up-to-date and legally binding.
What’s the Best Way to Amend My Will?
If you are making a small change to your will, you could decide to amend it by filing a codicil. This can be added to your will and then it will be interpreted along with your will when you pass away. This should work out just fine if you just have a small change to make.
However, this method can start to cause confusion after a while. If you have multiple codicils and some of them contradict each other or the original document, you’re just asking for legal headaches. In many cases, it’s a good idea to just rewrite the will if you are making any major changes, like disinheriting someone. This gives a court just one updated will document to consult, instead of multiple pages that could say different things.
When Should I Amend My Will?
It’s a good idea to update your will after any major life events. Some good examples include:
- When there’s a birth in the family
- When there’s a death in the family
- If you get remarried and have new stepchildren
- You have a falling out with a family member or friend who would have been in your will
- A move to a new state with different rules about property
- If a specific asset mentioned in the will has been sold or destroyed
Even if nothing happens that would cause you to rethink your will, it’s a good idea to review any documents relating to your estate plan occasionally. We would recommend looking over everything once per year at least.
What Else Should I Do When I Update My Will?
When you update your will you should also take another look at your current plans for any assets that aren’t mentioned in the will. If you have certain accounts, like retirement accounts, or policies, like life insurance, that have assigned beneficiaries, you can make sure that these assets are still going to the right people. If you want to change your beneficiaries, you’ll have to contact your insurer or financial institution.
Talk to an Estate Planning Lawyer
If you need help making a will or you just want to amend your current document, we can help. Contact the Law Offices of Colin M. Quinn for any of your estate planning needs. Our experienced attorneys would be happy to assist you.
