People experience a significant amount of changes in their life. It is crucial that these changes are reflected in their estate plan, specifically a will. It is important to be aware that a last will and testament is not final when it is written. You can revisit and update it as you please, and you should. Continue reading below to learn more about how this is done and contact an experienced New York estate planning attorney for assistance.
Why Would I Update a Will?
It is a rule of thumb to revisit a will roughly every three to five years to be sure it still reflects your wishes. This is because you may have gone through a variety of losses or gains during this time that need to be updated within the document. For example, if you go through a marriage or divorce your finances may change. Other changes you may experience can be the addition or loss of a life, such as the birth/adoption of a child or a death.
How do I Change a Will?
If you wish to update your will after revisiting it, there are different options you have. This can include:
- Amending your will with a codicil. If you are making minor changes to an existing will, you can do so through a codicil. This is a document attached to the original will stating the changes you wish to make. This can explain, modify, oro revoke part of a will. It is important to note a codicil must follow the same execution requirements as an original will in order for it to be valid. When creating a codicil, be sure it does not cause confusion or conflict with the original will, as this can cause your estate plan trouble in the long run.
- Creating a new will. Sometimes, it may be easier for you to simply revoke your previous will and draft an entirely new one. In the digital age, it can be less time-consuming to go on a computer, make the changes that you need in a new will, and print out the new document. Doing so this way also prevents the possibility of conflicts between a codicil and an old will. However, it is crucial that you revoke the old will to be positive it is not the document used in the event of your death.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.