You may be productive by getting ahead of the curve for establishing your Last Will and Testament. While it is beneficial to do so while you still have the mental capacity and ultimately while you are still alive, it may also have one potential drawback. That is, you may leave more time for your life circumstances to progress or alter, to the point that your will document is no longer an accurate reflection. In other words, it is more likely that you will have to go back and update this estate planning document. Well, for this, please read on to discover what steps to take if you want to update your will and how a seasoned New York City wills attorney at Zimmet Law Group, P.C. can help you do so in a legally effective way.
What should I do if I want to update my will?
Updating your Last Will and Testament document may not be as much of a hassle as you build up in your mind. First of all, you have to pick between one of two options: creating a codicil or establishing an entirely new will.
A codicil is a legal document that may allow you to make minor changes to something existing or take something out of your current will. An example of when you may want to pursue this path is if your daughter, as your designated beneficiary, recently got married and changed their last name. You may want to note your daughter’s name change in your codicil so that there is no confusion over who you are referring to in your existing will.
So while a codicil is best for minor changes, an entirely new will may be more appropriate if you undergo substantial changes to your personal life that affect your estate and how you wish for it to be administered after your death. The most common example of this is if you undergo a divorce from your long-time spouse, and no longer wish for them to be named as your primary beneficiary. With this, you may have to majorly change how your assets are divvied up amongst your other beneficiaries. This may be especially true if you lost ownership over certain assets after your divorce proceedings, and no longer hold the right to grant them to your other beneficiaries.
What important steps must I remember when updating my will?
When establishing a codicil, you must ensure that you sign the bottom of it, provided alongside the signatures of your two necessary witnesses. Then, you should physically attach your codicil with your Last Will and Testament document, as they must be read together after your death.
As for establishing an entirely new will, it is imperative that you physically destroy your original will document. What’s more, it is in your best interest to disclose the official revocation of your original will within your new will document.
Before you take any further initiative with your will preparation, we urge you to consult a competent New York City estate planning attorney. Most definitely, the team at Zimmet Law Group, P.C. is eager to work with you.
