Change is a basic part of life. Change comes with the seasons that we see each year, it comes as we age and it marks beginnings and ends of different eras. With as much as change is a vital part of our lives, we must understand that our estate plans have to change periodically.
When this occurs, what is the best protocol for dealing with change? Essentially there are two ways to do so. First, a codicil could be created to provide specific instructions for modifying the will. A codicil can include additional instructions to address the current situation or it could revoke provisions that are no longer applicable. Second, a will can be completely remade. This requires that you renounce any prior wills and attesting that the current, new will is your “final” will.
Even with the means to change one’s estate plan, there are certain situations where it would be appropriate to make them. This post will highlight some of them.
Having a baby – Bringing a new life into the world? This is an opportune time to adjust your will so that your new child will be provided for in the event something happens to you.
Changes with heirs – As we alluded to earlier, change can affect everyone. So if there is something different that affects your current beneficiaries, you can make changes to your estate plan to make sure they receive the care or assets they need.
Getting divorced – The end of a marriage is another ideal time to change one’s estate plan. After all, you probably don’t want to have your ex-spouse listed as a beneficiary or an executor to your will.