Life is constantly changing, and so too are your needs and priorities. Just as it’s important to create an initial estate plan, it’s equally crucial to review and update it regularly, especially when life circumstances change. While the idea of revisiting your will might seem complicated, and you might think it always requires an attorney, it’s important to know that it’s often possible to update your will without incurring high legal fees. This article will explore when to update a will, the DIY methods available for doing so, and the limitations that might mean consulting an expert, all while emphasizing how Wills.com can assist you throughout this process and make it as easy as possible.
Why Updating Your Will Is Important
Failing to update your will can render it ineffective, outdated, or impossible to act upon, so make sure you understand why these reviews are an important element of your overall plan. You should be updating your will:
- To account for changes in family situations, such as a marriage, a divorce, a birth or death of a family member, which can all affect how you want to distribute your assets, and which can impact who is your designated guardian.
- To reflect your changes in financial circumstances such as: purchasing a new home, making significant investments, or when your assets significantly increase or decrease.
- To ensure your chosen beneficiaries, and your selected executors are still applicable and appropriate to your personal circumstances.
- To adapt to changes in state or federal laws.
- To account for new values or charities that you now support and have incorporated into your estate plans.
By making these changes your estate plan will always be accurate, complete, and up-to-date, and will fully reflect your specific desires for the future. Failing to address any life-altering situation, can potentially render the entire process invalid, cause unnecessary complications, delays, legal problems, and added distress to the people you want to protect most.
When You Should Consider Updating Your Will
You should consider updating your will anytime you experience one of the following events, but even when none of these occurs, be sure to put in time on your calendar to conduct regular yearly or bi yearly reviews.
- Marriage or Divorce: Marriage, divorce, and separation are key changes to the structure of your family, that you will need to clearly reflect in your legal documents.
- Birth or Adoption of a Child: This change means that your document needs to be updated, and it will ensure your child has an appointed guardian and the protections they will need to ensure their care.
- Death of a Beneficiary or Executor: If you’ve named specific people, or an executor who has since passed away, you will need to make sure you appoint someone else, and this can all be handled during your review.
- Significant Changes in Assets: This includes the sale of property, or large purchases or significant loss in wealth, you may need to alter or update what specific individuals are meant to inherit, especially when it pertains to cash value items.
- Changes in Your Preferences: As time moves forward and your priorities shift, it’s very natural to change your intentions and for them to evolve.
- Change in State or Federal Laws: Any laws affecting wills and trusts might necessitate a change in how they’re legally processed.
DIY Methods for Updating a Will (And When You Shouldnt)
Depending on the changes you want to make to your will, you may be able to do so on your own, or you may need the help of a legal professional. If your situation is relatively simple and you are comfortable with navigating a technical document you may be able to utilize one of these methods:
1. Codicil
A codicil is a separate document that amends or supplements your original will. If you simply want to add additional instructions, or to update small parts of the document, such as contact details for loved ones or instructions for handling new items.
2. Full Revision
If you want to make substantial changes, such as a change in your beneficiaries, you should completely redo your will, with a comprehensive overview and an updated will, that supercedes all of the information that existed in your prior legal documents. This approach can help make your intentions clear, while also removing any potentially contradictory clauses in different documents.
3. When DIY Options Might Not Be Sufficient:
- When making major changes such as new heirs, you may need professional assistance, as this can alter previous planning decisions. If the new details contradict what is specified earlier, your will might be difficult to decipher by probate courts.
- When addressing assets over specific financial thresholds you may be liable for tax consequences that can best be handled with professional help.
- You may require additional steps if you own properties outside of the United States. Consulting an expert about local estate planning and laws in specific regions might become a necessity to achieve what you want for that jurisdiction
Wills.com: Simplifying Will Updates
Wills.com is designed to make updating your will a simple and hassle-free experience. Here’s how our platform can help you:
- State-Specific Legal Wills: We ensure your updated will still complies with the latest legal requirements in Texas. Our state specific templates are consistently updated to stay up to date with the constantly evolving requirements.
- Secure Storage (Vaultly™): Protect all your important estate planning documents, and any updates or addendums that you make over the years, and rest assured knowing your document will be available and easily accessible.
- Remote Online Notarization (RON): You can have the option to update your will while also easily notarize the documents through a video call that does not require you to leave your house or meet with an unknown notary, but can be achieved within a platform that prioritizes your privacy and security.
- Automated Delivery via Mobile App: Use the Wills App to update, make and alter your document, knowing that it will be delivered to your loved ones without unnecessary delay after the new terms are in effect.
Stay Ahead and Protect Your Legacy: Regularly Update Your Will
Updating your will is a critical part of ongoing estate planning. Don’t let outdated documents put your loved ones at risk, and cause them stress during a difficult period in their lives. By understanding the DIY methods and carefully reviewing all of the information that you have used to inform your decisions, you can make sure your estate plan still reflects your preferences. Wills.com can also support you with making changes easily as your needs and circumstances change, without all the expense or overhead associated with consulting a lawyer, and provide a solid and simple pathway towards the future that you choose. By regularly reviewing and updating your will, you can ensure that your legacy will be handled with clarity and efficiency, even as your life evolves.
Disclaimer: This article is not legal advice. If you want legal advice, you should consult with a lawyer.
