When is it necessary to update or change my Will ?
Life does not stand still. Your circumstances are likely to change - you may have more children, grandchildren, aquire additional assets or have a falling out with family or friends. Your children will grow up, you and your spouse may divorce and the laws may change, making some of your estate planning obsolete or even counterproductive. It is a good idea to review your assets and recipients at least every 1 - 11/2 yrs. to make sure that every thing is accounted for.
You can change, add to, or even revoke your will any time before your death as long as you are physically and mentally competent to make the change. An amendment to a will is called a codicil you must formally execute a codicil before witnesses, using the same formalities as when executing the Will itself. If you go through a major life change, such as divorce, remarriage, and so on, it's better to rewrite your will from scratch. It's best to do this by executing a new will that states it revokes the old one. |
