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How to Fix Your Will Quickly
Do you have a will in place? If not, this is a matter you should take care of immediately. It is usually the first-and most critical-step in the estate-planning process.
Suppose you already have a will, but your circumstances have changed in the intervening years. In that case, you may be able to add onto or modify your existing will with a codicil. Because the cost is generally less than the fee for creating an entire new will, this may save you both time and money.
In order to be binding, a codicil must be handled with the same legal formalities as a will, so it should be prepared by a qualified attorney. Here are a few examples of when you may need one.
Birth or death in the family: Maybe you had no children or grandchildren when your will was first drafted. Now you do and you want to give them a share of your estate. Or, perhaps you have decided to include other family members who were not previously named in your will.
Change in executor: You may need to choose a new executor (or guardian or trustee) if the one you named in your will has died or has become disabled (and there are no contingency provisions). Or, maybe you would simply rather assign the job to someone else.
Different or new beneficiaries: Besides redistributing a bequest to a beneficiary who is now deceased, you may want to change a bequest to a living beneficiary. For instance, you can revoke a bequest to a daughter-in-law or son-in-law who has divorced your child. Or you may have suddenly come into some money that you may want to earmark for charity.
Revalidation: Say the witnesses who can verify the signature on your will are no longer alive or cannot be located. When it is required, a codicil attested to by new witnesses can revalidate the will.
Tax law changes: The law may have changed since your will was first drafted. It may be in your best interest to restructure things now to take maximum advantage of the latest tax rules.
When there is a major change in your situation, you may need to create a new will in its entirety. Otherwise, a codicil may suffice for minor changes. Be sure to coordinate this with other aspects of your estate plan.