Updating Your Will: Do You Need a Codicil or a New Will? (part 2 of 2)

If youve experienced significant changes in your life or your future plans, you may decide that its time to update your will. If youre new to updating your estate plan, you may have concerns about the process. Take a look at the following information, to better understand how you can make changes to your will. If you have any questions, or if youd like to review your will, contact an estate planning attorney.

 

When may a new will be necessary?

 

In some cases, the changes that you want to make to your will are too much for a codicil. It can be easier to create an entirely new will that includes all of your current needs. You may want to consider this option, if any of the following are true:

 

• You decide to distribute your assets to different friends and family members
• Youve already created a codicil in the past, and want to make more changes
• You want to make changes to your executor or guardian choices

 

In a lot of cases, it can be less confusing and easier to start fresh. A fresh start often avoids family discord, as previous incarnations of your will are not available. Your attorney will be able to advise you on whether you need an entirely new will.

 

If I create a new will, what happens to my old one?

 

If youve taken the time to execute a new will, you should get rid of all old copies of your will because they may serve to confuse. (This also includes getting rid of codicils.) You want to make sure that your current wishes are respected, so its important that your old documents are not left lying around. Destruction of old estate planning documents can help to prevent will contests or other possible issues in the future.

 

Take the time to make updates to your will, so that your current wishes are respected. If you have any additional questions, or if youre ready to make updates to your will, consult with a qualified estate planning attorney.