Estate Planning Law – Updating My Will
People often want to know about whether or not their will has to be updated, or once they make a will, is it set in stone? And the simple answer is, yes, your will should be updated from time to time, and no, your will is not set in stone once it’s in place. You can change it, you can revoke it, and you do that by either creating a codicil, which is like an addendum to the will which addresses things in the will and makes changes or by simply creating a new will. Once you create a new will it destroys the old will that was earlier in time. People often want to either amend or create a new will based upon major changes in their life. For instance, you get married, you get divorced, you have children – these are major changes that are going to drastically change how you want your assets to be divided after your death. So it’s really important that you keep estate planning on your mind as you go through your life, because you’re inevitably going to go through changes and the surroundings and circumstances that you find yourself in are going to change. Additionally, hopefully, you know, the value of your estate will increase, and it’s something else that you’re going to want to think about is now tax implications, and different things, so it’s fine to have a very simple will if you start, because you can always change it.