Updating a will

03-Aug-2015 21:36

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The easiest way of changing a will is simply to make a new will. To do this, simply write a statement in the new will that states that you revoke all wills and codicils that you have previously made.This is sufficient to revoke any previous wills, but it is wise to also destroy any of your previous wills in order to avoid confusion or challenges to your new will.It is extremely important to keep your will updated.As life changes, so do potential beneficiaries and heirs.The other way to change your will is by adding what is called a codicil.

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Today, codicils should be avoided wherever possible.Property such as retirement proceeds, life insurance proceeds, joint bank accounts, payable-on-death bank accounts, and stocks registered with a transfer-on-death form all pass directly to a specified beneficiary.If you do not keep your last will and testament updated, it may not reflect your wishes given your new circumstances.The following are good situations in which changing a will may be wise.

They can cause confusion, be lost, and are sometimes even a means to challenge wills.Much of your property passes by law to beneficiaries, despite what your will says.

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