When you finalize your estate plan, you may feel as though a weight has been lifted off your shoulders. However, it’s necessary to understand that this process is never truly over. In reality, you’ll need to review and update your documents every few years. While this may not seem necessary, there will likely come a time when you need to amend your Will. As such, understanding how to do so with the help of a Medina County, Ohio Will preparation lawyer is critical. If this reflects your circumstances, the following blog explores what you should know about these matters.
Why Might I Need to Change the Terms of My Will?
Though it may not be something you do often, there will likely come a time when you need to update or change the terms and conditions of your Will. This is because your life will change after creating the estate plan, so ensuring your documents reflect these changes is critical. Failure to do so may result in your wishes not being met or certain assets being left to go through Probate.
Generally, you should review your estate planning documents every three years and after significant life events to ensure your wishes are up-to-date.
For example, births, weddings, deaths, and divorce are all instances in which you should review the information in your Will to ensure it is accurate. You may want to amend it to include your new grandchild or to write out your ex-spouse from the Will. You should also change your terms should you purchase a new property or receive an inheritance.
What Options Do I Have to Amend My Will?
If you want to change the terms and conditions in your Will, you generally have two options to make alterations. The first is a Codicil. This is essentially a document you will create that explains minor changes to your current Will. You can attach this to your Will, so it can be referenced later.
However, if you need to make considerable changes or there are significant alterations you must make, it is likely in your best interest to completely re-write your Will. This is because adding too many codicils can be confusing and may result in your estate plan being deemed invalid.
Though it may seem simple enough to amend or alter your Will, you should not do so without the guidance of an experienced lawyer to help you navigate this process. Unfortunately, you’ll discover that making an error can result in your plan being deemed invalid, meaning your estate will not be distributed according to your wishes. Because your assets and Beneficiaries are on the line, it’s in your best interest to consult with an attorney before making alterations to this document.
When you need help, Krause Law is ready. Our dedicated legal team will do everything in our power to help guide you through these complex matters. Connect with us today to discuss your circumstances and learn how we can assist you.
